Several months ago (see TTW #90) we told you that the requirement for all businesses to issue a 1099-MISC to any entity to whom they paid in excess of $600 was repealed. (Remember, this was the rule that would have required a small business owner to issue a 1099-MISC to Best Buy if they bought a computer from them). This reporting requirement also applied to those that had rental properties.

Congress recently passed legislation repealing a provision that would have required federal, state and local governments to withhold 3% of any payments over $10,000 from government contractors and certain other vendors. The provision was intended to combat tax avoidance, but critics argued that it would restrict the cash flow of businesses and was too costly to implement.

As we said when we started this series of year-end strategies, you should normally look at the current year and the next year when doing your planning. This year, however, you should also take into account some of the future tax law changes that may occur.

The following is a summary of actions for small business owners to consider as 2011 draws to a close. To read a more detailed discussion of these items click here.

The following is a summary of actions to consider as 2011 draws to a close. To read a more detailed discussion of these items click here.

Many clients tell us their year-end planning appointment is their most important meeting of the year.