Posts tagged ‘tax paperwork’

April 8, 2011

Senate Ratifies House Bill to Rescind 1099 Reporting Requirements

In an unsurprising move, the Senate voted 87-12 to approve H.R. 4, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.

The measure rescinds a provision in the Obamacare bill that would have required individuals and companies to report any payment in excess of $6oo to another individual or company in IRS Form 1099. The CBO estimates that this measure will add to the Federal Deficit by $21.9 billion over the next decade, due to reduced revenues; however, it will save Americans countless time and money spent on compliance. The bill now proceeds to the President for signature.

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March 4, 2011

House Passes Repeal of 1099 Reporting Provisions in the Obamacare Bill

HR 4, the Small Business Paperwork Mandate Elimination Act of 2011, was passed on a largely partisan vote of 314-112. The bill repeals changes to the IRS Code which places the burden on individuals and corporations to file 1099 forms for every transaction with others in excess of $600 within a calendar year. All Republicans voted for it, along with 76 Democrats. The bill proceeds to the Senate.

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