Update: 1099 repeal by House could be days away
According to several reports, the House is expected to approve stand-alone legislation to repeal the expanded 1099 reporting requirements as early as next week.
The Hill reported that the House is tentatively scheduled to consider and approve the bill, H.R. 705, which would, “terminate language that requires companies to report goods and services transactions valued at $600 or more annually to the IRS.”
But this probably isn’t the end of the story.
There could be complications if the Senate doesn’t approve the language in the House bill.
The Senate recently approved its own amendment to repeal the expanded 1099 reporting requirements put forth by a Sen. Debbie Stabenow, D-Mich.
We’ll keep you posted on what happens next.
The 1099 provision, which is part of the healthcare reform law, requires companies to report all supply purchases of $600 or greater from one vendor – and takes effect in 2012.
- Share on
Free Training & Resources
Webinars
Provided by Yooz
Further Reading
EBSA FY 2025 Enforcement Snapshot $1.4B recovered for workers and plans 878 civil investigations closed 253 criminal investigatio...
Open enrollment may feel far away. It isn’t. Summer is when benefits planning for 2027 starts taking shape. Health benefits are one of...
What should you do if you mistakenly pay out too much for one of your employer-provided benefits, such as your retirement plan? Plan spo...
With benefits costs climbing and new laws like SECURE 2.0 adding complexity, viewing employee benefits as a simple fixed cost is an outdate...
Reassessing HSA employer contributions can increase participation while capturing meaningful payroll tax savings. Employer contributions to...
Maine’s Paid Family and Medical Leave (PFML) program began paying benefits on May 1, 2026. The state DOL runs the program with Af...
