1099 repeal: Will third time be a charm?
There’s still some hope you won’t have to worry about the massive increase in 1099 reporting that kicks in next year.
Rep. Dan Lungren (R-CA) is set to re-introduce a bill to repeal the healthcare reform law’s 1099 tax provision in the very near future. The 1099 provision requires companies to report all supply purchases of $600 or greater from one vendor — and takes effect in 2012.
This would mark the third attempt to get the 1099 provision thrown out. All previous efforts have been thwarted. First Congress ignored the repeal requests on behalf of an army of concerned businesses.
Then, about a month ago, the Senate shot down an appeal on the new 1099 filing requirements.
We’ll keep you posted on what happens next.
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