Senate Votes on 1099 Tax Reporting Amendment / Repeal

There has been no shortage of speculation about a forthcoming repeal of the 1099 reporting changes that were included in the passage of 2010’s Patient Protection and Affordable Care Act. Under the new law, companies will be obligated to perform 1099 reporting on a much larger population of vendors than in prior years*.  As a result of these changes and the subsequent debate, we need to seriously ask ourselves if it is likely that the law will ever be repealed and what, if any, affect should that have on the manner in which we prepare for the forthcoming changes. In response to the legislation Congressional Democrats and Republicans have both submitted repeals and or amendments in an effort to undo some of what many see as overly burdensome elements of the new 1099 reporting requirements.  The first wave of these efforts -amendments to raise the $600 limit and to repeal the law altogether –  were both denied by the Senate on September 14th.   This Monday, similar amendments were introduced by Senate Democrats and Republicans to the Small Business Jobs Act but… […]