The Future of the 1099 | Selling

dbfolks166mt · 2023-05-30T21:56:18.947000Z

Not that it matters to me since I live in a state that has a low 1099 issuance threshold but it will be interesting to see what the Federal IRS does in the wake of the pending national debt legislation. One of the items that is in the bill that is set to be voted on is a reduction to the IRS budget. The tentative deal to raise the debt ceiling limit includes up to $21.4 billion of IRS budget cuts, slashing part of the nearly $80 billion in agency funding. The bipartisan bill rescinds nearly $1.4 billion of the money allocated to the IRS and a separate deal would repurpose $20 billion for fiscal years 2024 and 2025.If this passes it could be interesting. Of course that does not stop the individual states from setting their own 1099 issuance requirements which several already have. For the Federal IRS it would be a partial roll back of the huge funding increase they received as part of the Inflation Reduction Act.

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