Senate Approves the 1099 Repeal

Tax & Money Tip of the Week: 
Senate Approves the 1099 Repeal
April 20, 2011 | No. 39

On April 5th, the Senate passed legislation to repeal both the expanded Form 1099 information and reporting requirements mandated by last year’s health care legislation. The Act (HR4) repeals the expansion of information reporting requirements for payments of $600 or more to corporations.

The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR4) was approved by the Senate by a vote of 87-12. 

The House of Representatives previously passed the bill on March 3rd.  Both the House and the Senate approved the same version of the bill. 

The bill has now been sent to President Obama to be signed into law.  We will keep you posted.

If you should have any questions, please don’t hesitate to give us a call.

Questions or Comments?

You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.

Mark Vitek, CPA/PFS, CFP®
…until next week.

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