1099 Reporting Rule Repealed

WASHINGTON — President Obama signed a bill into law last week repealing an unpopular reporting requirement attached to last year’s healthcare reform legislation.
Set to begin in 2012, the requirement would have asked businesses to issue an IRS 1099 form to any individual or corporation from which they purchased more than $600 in goods or services in a tax year.
Many small-business advocates had called the expanded requirement an unnecessary and unfair burden for small businesses, saying it would create a mountain of paperwork.

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