Congress Repeals Onerous 1099 Reporting Requirements PDF Print

On April 14, President Obama signed into law a bill to repeal controversial expanded information reporting on Form 1099 for certain business payments and rental property expense payments.   This means:

Only payments to service providers in excess of $600 must be reported on Form 1099.  (Requirement to issue to all vendors has been repealed.)

There is no requirement to send a Form 1099 to a corporation (unless the payment is for medical or legal services.)

Landlords have fewer 1099 reporting requirements.

Want more information?  Contact me to discuss your situation.