Tax implications next year with vendors
Some food for thought for all of you.....
Attended a meeting last week with a CPA who informed me that as of next year EVERYBODY in the U.S will be required to 1099 each vendor we BUY from IFF we are claiming those items back on our taxes as a write off. I am not sure exactly how the tax system works in the States, but this CPA is American and has now made me aware of the new laws coming into play 2011 by our governement. So each time you buy pots and pots of wax and want to write these off with our proof of receipts...we have to 1099 them so the gov can check we are not fibbing!!! lol
Something for you all to chew on!!! yikes