The Senate has revised the Small Business Jobs Act tax relief and lending bill with amendments scaling back controversial new requirements for 1099 reporting of business transactions.
The expanded 1099 information reporting requirement was originally included as part of the health care reform bill, also known as the Patient Protection and Affordable Care Act. The expanded 1099 reporting requirement is not currently in place, but is scheduled to take effect in 2012, requiring businesses to report to the IRS any purchase from a vendor of goods or services worth $600 or more during the calendar year. It is effective for purchases made in 2012 that will be reported on 1099 forms filed in 2013.
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