H.R. 5377, Creating An Online Platform For Instant 1099 Submissions Act, introduced in March 2018 by Congressman Renacci (R-OH), a CPA, calls for something that should already be part of our tax system. H.R. 5377 "directs the Internal Revenue Service (IRS) to provide taxpayers with online access to IRS resources and guidance that will allow them to: (1) prepare and file Forms 1099, (2) prepare Forms 1099 for distribution to recipients other than the IRS, and (3) create and maintain necessary taxpayer records. The IRS must ensure that the online services required by this bill: (1) are a supplement to, and not a replacement for, other services provided to taxpayers by the IRS; and (2) comply with security standards developed by the National Institute of Standards and Technology.
Just like we can pay bills online, order goods and services online, why can't a business complete a Form 1099, such as for payment to a contractor, online with it being automatically sent to the contractor and the IRS?
H.R. 5377 would give the IRS until 2021 to get the system working. Seems reasonable.
What do you think?
source http://21stcenturytaxation.blogspot.com/2018/07/tax-tech-and-form-1099-hr-5377.html
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