With the 2010 tax season in our collective rear view mirrors, it’s time once again to start the journey into the next one.  Our mission at Thomson Reuters is to assist you each step along the way.

In January, 2011, a revised Form W-9 replaced the 2007 version which was in use at the time. Requesters of payee tax ID information should only use the 2011 version for new solicitations. Prior solicitations that used the older form version do not have to be replaced.

Earlier this year, the IRS issued a series of Frequently Asked Questions explaining rules for cost basis reporting by brokers in 2011 (2012 for mutual fund shares and stock in dividend reinvestment plans) under IRC Sec. 6045(g).

The Affordable Care Act required employers to report the cost of health coverage under an employer-sponsored group health plan annually on Form W-2.

In IRS Notice 2011-42 issued in May, 2011, the IRS provided interim guidance for "third party settlement organizations" (TPSO) in regard to backup withholding on payments to its participating payees.

On April 14, 2011, the President signed H.R. 4, the "Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011." This new law retroactively repeals unpopular Form 1099 information reporting rules added by 2010 legislation.

On April 14 President Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.

On April 5, 2011, the Senate passed H.R. 4 (the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011), a bill that fully repeals the expanded Form 1099 information reporting rules passed as part of the Small Business Jobs Act of 2010 and the Patient Protection and Affordable Care Act (PPACA).  The Act is now cleared for President Obama's expected signature.