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Home Health & Hospice Week

Industry Notes:

Congress Passes Repeal Of 1099 Reporting Change

Published on Tue Mar 08, 2011

Your 1099 worries soon should be over. Congress has passed a repeal of the tax reporting requirement that was expected to place a big burden on small businesses starting in 2012. Background: The Internal Revenue Service currently requires businesses to issue a Form 1099 to individuals or unincorporated businesses paid $600 per year for services rendered. The Affordable Care Act health care reform law enacted last year expanded 1099 reporting by requiring businesses to report payments for goods as well as services, and extending 1099 reporting to transactions between businesses as opposed to limiting requirement to payments to individuals. The House passed a 1099 repeal last month and the Senate passed a companion bill April 5. The Obama Administration has signaled that the president will sign the legislation when it comes to his desk, according to news reports. ACA opponents hope the repeal marks the first step in dismantling the [...]
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