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[Music] Im Jason Spitzer Im a director on the tax controversy and regulatory services team here in Washington DC on a specialist single / global information reporting cheese Id like to talk to you briefly about a new development in reporting on forms 1099 and ten for each us as you all may know there are penalties for errors that our clients make on those forms they can be up to two hundred fifty dollars for the form thats filed with the IRS and another two hundred fifty dollars for the copy that be furnished to the recipient recently do the legislation the IRS created a de minimis safe harbor for the filers of these forms basically what that means is if our clients make an error in the reporting of the income or reporting of the tax amounts on those forms and theyre under a certain threshold they do not now have to amend those returns or amendment statements they provide to the recipients so in terms of the income amount if the income error is one hundred dollars or less they do