Yesterday the Senate passed H.R 4, the house bill that would repeal the increased 1099 reporting requirements introduced by the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010. The bill now goes to the President’s desk and President Obama is expected to sign the bill into law.
Form 1099 is used to report income paid to contractors and other non-permanent employees. The increased reporting requirements introduced in 2010 would have increased the number of businesses who were required to file 1099s and this, it was feared, might be too heavy of a paperwork burden.
For more information on 1099 repeal or other tax issues contact the Chicago tax lawyers at Horowitz & Weinstein.