U.S. Senate votes to repeal 1099 provision
With bipartisan support, the U.S. Senate voted 81-17 to repeal the 1099 reporting requirement passed as part of the health care reform bill passed last year. The provision would have required companies, starting in 2012, to file a 1099 tax form every time they make purchases of $600 or more from any business – greatly increasing costs for small business. The Republican-controlled House will need to approve the measure before it goes to the president’s desk. President Obama recently recognized this as unfairly cumbersome to many employers. We’ll keep you posted as efforts to repeal this onerous mandate moves through Congress.