1099 Repeal Bill Passes Senate

Today President Obama signed stand-alone legislation that would repeal the 1099 tax reporting requirement for businesses included in the Affordable Care Act (or the health care reform law). This reporting requirement would have required businesses to file a 1099 form with the Internal Revenue Service every time they spent more than $600 a year with another business – greatly increasing the burden on businesses.

Here’s the news link from Bloomberg below





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