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
Further Reading
Although Congress isn’t famous for cooperation, there was enough bipartisan support for the Secure 2.0 Act of 2022 (pages 817-946 of ...
Americans use more healthcare services than any other people. So we pay more as a result — and the cost is going up every year. 2025 ...
New York employees will see their maximum annual Paid Family Leave (PFL) contribution rise to $451.81 in 2027, up from $411.91 in 2026. ...
Financial wellness programs often sound expensive or complex, but the truth is that one simple step — helping employees better unders...
Employee experience – including employee mental health – has become a higher priority for many organizations, according to rese...
A new proposed rule from the Department of Labor’s Employee Benefits Security Administration outlines how 401(k) fiduciaries must assess ...
