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.

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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