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bill Progress


  • Not enacted
    The President has not signed this bill
  • The house has not voted
  • The senate has not voted
      senate Committees
      Senate Committee on Finance
    IntroducedSeptember 14th, 2010

Bill Details

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Title

Information Reporting Modernization Act of 2010

Official Title

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.

Summary

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.