Health Reform Update - 1099 Repealed
In a vote of 87-12, the Senate just passed The Small Business Paperwork Mandate Elimination Act, HR 4.The Bill previously passed the House earlier in March and is now on its way to President Obama for Signature.The bill repeals Section 9006 of last year's Patient Protection and Affordable Care Act in which business owners, starting in January 2012, were going to be required to use 1099 IRS tax forms to report all transactions greater than $600 each year.It also repeals a requirement passed in the small-business lending bill in which people getting rental income must distribute and file 1099s on payments made in excess of $600 annually, according to the Small Business & Entrepreneurship Council.If you have questions regarding this development, or other Health Reform Provisions, please contact our office at 888.233.0301.