Over the past years, it seems the IRS is placing more emphasis on ensuring businesses are complying with the 1099 reporting requirements. The belief is that by encouraging compliance at the business level, that the problem of unreported income will gradually diminish.
The biggest change that we have seen is the IRS now asks 2 questions on business tax returns and Schedule C’s for the self-employed:
We believe that the answer, for most companies, should be "yes" on both counts.
Donald Trump is the President-Elect of the United States and with the House and Senate controlled by the Republican party there’s a good chance we may see some reform in the tax code. Based on some of the policy proposals that have been floated here is what we think will happen: