- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Senate Committee on FinanceIntroducedSeptember 14th, 2010
- senate Committees
Bill DetailsOfficial information provided by the Congressional Research Service. Learn more or make a suggestion.
The Congressional Research Service writes summaries for most legislation. These summaries are listed here. Countable will update some legislation with a revised summary, title or other key elements.
Information Reporting Modernization Act of 2010
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.
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.