Expansion of 1099 Reporting Requirements Repealed by Kimberly I. McCarthy, Esq.

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The House voted today to repeal the controversial expansion of 1099 reporting requirements enacted by the Health Care Reform law. The bill, if passed, would delete the new 1099 provisions as if they were never enacted in the first place. The bill now goes to the Senate for consideration.

As discussed in prior e-Alerts, the 1099 provisions would have greatly expanded the way in which businesses report ordinary expenditures. Under the new law, businesses would have to obtain an EIN and file a 1099 for purchases that run to more than $600 per year, regardless of who the vendor is. Small businesses complained that the provisions added administrative cost and expense without additional benefit.

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Published In: General Business Updates, Labor & Employment Updates, Residential Real Estate Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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