Obama Signs Bill Repealing New 1099 Requirements

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The President has now signed H.R. 4, the bill repealing the new Form 1099 requirements that were part of the healthcare reform bill.

Now persons in business (including individuals) will not have to issue a Form 1099 to all persons from whom they bought more than $600 in goods from during the year.

The full text of H.R. 4 is below. The new reporting requirements were set to become effective January 1, 2012, and would have required anyone in business to issue a Form 1099 to anyone they purchased more than $600 in goods from during the year. Freelance writers, for example, would have had to issue Forms 1099 to Apple Computer when they bought a new computer.

Thankfully, businesses will now not be burdened with this paperwork.

Please see full article below for more information.

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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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