Repeal of 1099 Reporting Requirements

Finally some good news from Washington, D.C.  On April 5th, the senate passed HR4 ( which will now go to the president which he is expected to allow to become law.  HR4 will repeal the 1099 reporting requirements that were included in the health care reform bill. 

If HR4 had not passed, in 2012 payments made to corporations would have no longer been exempt from 1099 requirements.  The health care bill also would have expanded the requirements to cover products purchased in addition the current requirement of services.

H.R. 4 also repeals another law that passed last year that would have required passive real estate owners to comply with all current 1099 requirements in 2011.

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