IRS Notice 2010-51: Business 1099S - Information Reporting Under Section 6041 for Payments to Corporations and Payments of Gross Proceeds and with Respect to Property

September 29, 2010 On September 29, 2010, Tax Executives Institute submitted the following comments to the Internal Revenue Service in respect of Notice 201 0-51, relating to expanded 1099 information reporting for payments to corporations and for payments of gross proceeds and with respect to property. The expanded information reporting is mandated by changes to section 6041 of the Internal Revenue Code that were in the Patient Protection and Affordable Care Act. TEI's submission was developed under the aegis of TEI's Federal Tax Committee, whose chair is John A. Mann of Walgreen's Co. Contributing substantially to development of TEI's comments were David E. Sherwood of Microsoft Corporation, chair of TEI's Subcommittee on Employee Benefits and Payroll Taxes, and Robert J. Birch of Wellmark, Inc. Also contributing to the development of TEI's comments were Robert L. Howren of BlueLinx Corporation, Lynn B. Jordan of Performance Food Group, Kelly A. Nall of Hewlett-Packard Company, Mark C. Silbiger of The Lubrizol Corporation, and Nan E. Smoot of Mary Kay, Inc. Jeffery P. Rasmussen, legal staff liaison to TEI's Federal Tax Committee, coordinated the preparation of the comments.