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.
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