Tue, April 05, 2011
Congress Reverses Form 1099 Requirement for Small Businesses and Landlords
Today the Senate passed, by a wide margin, H.R. 4, the Small Business Paperwork Mandate Elimination Act of 2011.
The bill repeals requirements previously passed by Congress that would have required small businesses and landlords to provide Form 1099s to any business to which $600 or more is paid during a single calendar year.
The new 1099 reporting rules, scheduled to take effect in 2012, were opposed by small businesses and various organizations because of the additional work and recordkeeping needed.
According to an article at Time.com, the White House supports H.R. 4, so its passage into law is now likely.