Repeal of Expanded Form 1099 Reporting Requirements Signed into Law


On April 14, 2011, the President signed into law H.R. 4, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (the Act), which repeals the expanded Form 1099 reporting requirements for businesses and rental property owners that had been added to the Internal Revenue Code by the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010. The Senate had considered and approved the legislation the previous week and had sent the legislation to the President on April 5, 2011.

In accordance with the Act, corporate taxpayers and taxpayers receiving rental income from real estate do not have to submit to the IRS a Form 1099 for payments made to any single vendor for goods and services totaling more than $600 annually. The expanded Form 1099 reporting requirements for corporate taxpayers had been scheduled to apply to payments made after December 31, 2011, while the requirements for taxpayers receiving rental income from real estate applied to payments made after December 31, 2010.

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