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ASMP Issues Call to Action Regarding Proposed Tax Rule


The American Society of Media Photographers (ASMP) is rallying against a proposed IRS rule that would require businesses to report all vendor transactions greater than $600 on their income taxes.ASMP has drafted sample letters opposing the bill and is urging its members to send them to the feds to protest the new requirement. 

Currently, businesses report only independent contractor payments above $600 on their tax forms each year. The new rule, set to take effect in 2012, would mandate that a 1099 form be submitted for each good or service purchased for more than $600. For photographers, this would extend to purchases of items such as cameras, lenses, computers, office supplies and other equipment not previously documented.

The IRS has proposed this initiative to help reclaim a portion of the $300 billion or more in tax revenues that the government says it loses each year because of unreported business income. ASMP, however, says the new rule would result in an undue paperwork burden, as photographers would have to file “a multitude of 1099 forms” and obtain each vendor’s tax ID number.