As we have posted here several times, last year, a new law was put into place that required reporting of all transactions over $600 to any vendor in a year. This included paying gas to the local coop, buying your fertilizer, etc.
Published on: 11:43AM Apr 06, 2011
Yesterday, the Senate passed a bill which President Obama is expected to sign quickly a repeal of this new law. This is great news for all farmers and anybody in business.
However, please note that the old form 1099 reporting requirement for services is still in effect.
On a personal note, this tax season has gotten even busier for me and I will try to get back to my normal routine, but it may be a couple of more weeks to go. I hope everybody has a good grip on their income tax situation since I know 2011 is looking even more profitable for farmers.
I hope to start posting more very quickly.