1099

A Tax Bill for Frequent Flier Miles? Thanks a Lot, Citibank

It's tax season, which means the annual deluge of W-2s, 1099s and other financial forms. But thousands of Citibank customers will have an extra surprise in their mailboxes: 1099 forms reporting their frequent flier miles as income.

Tax Rule Will Bury Small Businesses in Paperwork

Today, businesses must send 1099 forms to people they pay $600 or more for services rendered. It's a simple way to make sure workers report their income to the IRS. But starting in 2012, businesses will have to send 1099s to other companies too, for virtually every product or service they purchase.

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