Congress yesterday sent a repeal of the “Obamacare” Section 1099 business reporting rules to the President, who is expected to sign the repeal.
The bill saves businesses from the ridiculous requirement to issue 1099s to, say, Sam’s Club. It also repeals the new rules that would have required owners of rental properties to begin issuing 1099s to their service providers starting with 2011 payments.
(An earlier version of this post erroneously reported that the rental rules remained in place. My apologies).
Kay Bell has more.
Tags: 1099, Information returns, Kay Bell, Obamacare, William Perez
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not necessarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
The Senate vote to repeal was 87-12. Guess which senator elected from Iowa was among the 12?
D-Bermuda
Close. D-Bahamas