Sunday, April 17, 2011

DING, DONG, THE WITCH IS DEAD

President Obama on Thursday signed into law a bill repealing the health care reform law's 1099 tax reporting requirement. Demands for repeal surfaced soon after the health care law was enacted, as the costly and time-consuming new reporting requirement was understood. Given the politics of Washington D.C., it took quite a while to kill off the reporting, even though the repeal was widely supported by Democrats and Republicans. The reporting requirement would have required business and real estate owners to file a 1099 form with the IRS for every vendor to whom they paid more than $600 in a year.

1 comment:

Anonymous said...

Technically, the reporting requirement applicable to owners of real estate rental properties was in the Jobs Bill of last September, not the Health Care Bill. It also had a different effective date. There were two separate 1009 provisions that were repealed - which were contained in two different Acts.