S 3783 · 111th Congress · Taxation
Information Reporting Modernization Act of 2010
Bill Progress
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Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Finance.(2010-09-14)
Plain Language Summary
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Information Reporting Modernization Act of 2010 - Amends the Internal Revenue Code to increase from $600 to $5,000 the threshold amount for reporting to the Internal Revenue Service (IRS) payments made to corporations. Adjusts such increased amount for inflation, beginning after 2012. Requires the Secretary of the Treasury, with respect to tax returns filed in calendar years after 2011, to: (1) upgrade IRS scanning technology to allow for the submission of generic 1099-MISC forms downloaded from the IRS website; and (2) establish a free online entry and submission mechanism.…
Summarized by Claude AI · Non-partisan · For informational purposes only