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 SkyStem
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...
The IRS has explained how to handle taxes if a retirement plan participant doesn’t cash a distribution check and another check is issued....
It’s that time of year again: Employer health insurance plans are up for renewal. For finance leaders, this period can feel like a lotter...
In April, Arkansas Governor Sarah Huckabee Sanders signed legislation making it illegal for Pharmacy Benefit Managers (PBMs) to own or oper...
The IRS has announced updated health savings account (HSA) contribution limits and high-deductible health plan (HDHP) parameters for 2027, ...
Employers will see clearer control over pharmacy benefit costs and their impact on the income statement, with Finance and HR sharing more e...
