Move brings firms one step closer to 1099 repeal
Good news: Major progress has been made in the effort to repeal the massive 1099 reporting requirements that kick in next year.
The Senate just approved an amendment to repeal the expanded 1099 reporting requirements.
While two similar but competing amendments were introduced — one by a Sen. Debbie Stabenow, D-Mich., and the other by Sen. Mike Johanns, R-Neb. — only the Stabenow amendment was voted on in the Senate.
The two amendments differed in a few words about the handling of administrative expenses at the Social Security Administration, as well as the cost estimates and how the costs would be offset.
The Stabenow amendment was met with broad bipartisan support.
The success of this amendment is a big step forward because all previous attempts to repeal the 1099 reporting requirements had been shot down.
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
Now that you have a feel for what positions at your firm should be hybrid, you might be considering giving employees the ultimate work sche...
There’s no need to panic if you or one of your staffers discover they’ve made mistakes with your company’s 401(k) plan.&nb...
The new Mississippi Work and Save Program creates a voluntary, state-run retirement savings option for private-sector employees whose emplo...
CFOs and benefits professionals can only do so much to influence employees to invest in a company 401(k) plan. So-called influencers are of...
Some of your year-end health plan responsibilities have lifted, thanks to eleventh-hour legislation from Congress. Plan sponsors that me...
You have great well-being benefits. So why don’t employees use them to the max? Nearly 80% of employees have access to well-being ...
