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.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3783 Introduced in Senate (IS)]
111th CONGRESS
2d Session
S. 3783
To amend the Internal Revenue Code of 1986 to increase the threshold
amount subject to information reporting at source, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 14, 2010
Ms. Landrieu (for herself and Ms. Mikulski) introduced the following
bill; which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to increase the threshold
amount subject to information reporting at source, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Information Reporting Modernization
Act of 2010''.
SEC. 2. MODIFICATIONS TO INFORMATION REPORTING AT SOURCE.
(a) Increase in Threshold Amount.--
(1) In general.--Subsection (a) of section 6041 of the
Internal Revenue Code of 1986, as amended by the Patient
Protection and Affordable Care Act, is amended by striking
``$600'' in the text and heading and inserting ``$5,000''.
(2) Inflation adjustment.--Section 6401 of such Code is
amended by redesignating subsection (i) as subsection (j) and
by inserting after subsection (h) the following new subsection:
``(i) Inflation Adjustment.--In the case of any calendar year after
2012, the dollar amount in subsection (a) shall be increased by an
amount equal to--
``(1) such dollar amount, multiplied by
``(2) the cost-of-living adjustment determined under
section 1(f)(3) for such calendar year by substituting
`calendar year 2011' for `calendar year 1992' in subparagraph
(B) thereof.
If any amount as adjusted under the preceding sentence is not a
multiple of $100, such amount shall be rounded to the nearest multiple
of $100.''.
(b) Coordination With Returns Relating to Payment Card and Third
Party Network Transactions.--Section 6041 of the Internal Revenue Code
of 1986, as amended by subsection (a)(2), is amended by redesignating
subsection (j) as subsection (k) and inserting after subsection (i) the
following new subsection:
``(j) Coordination With Returns Relating to Payment Card and Third
Party Network Transactions.--This section shall not apply to any amount
with respect to which a return is required to be made under section
6050W.''.
(c) Enhanced Technology.--With respect to returns required to be
made in calendar years beginning after December 31, 2011, the Secretary
of the Treasury shall upgrade the scanning technology of the Internal
Revenue Service to allow for the submission of generic 1099-MISC forms
downloaded from the Internal Revenue Service website, and shall
establish a free online entry and submission mechanism.
(d) Effective Date.--The amendments made by this section shall
apply to amounts with respect to which a return is required to be made
in calendar years beginning after December 31, 2011.
<all>
Introduced in Senate
Read twice and referred to the Committee on Finance.
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