President Obama signed legislation Thursday repealing the expanded 1099 reporting requirements in the health care reform law and Small Business Jobs Act.
Congress succeeded in repealing the 1099 requirements earlier this month after numerous votes on competing versions of the legislation (see Congress Votes to Repeal 1099 Requirements). The widely unpopular rules would have required businesses to report any purchases of goods or services of more than $600 a year from another vendor to the IRS on a Form 1099-MISC.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access