Before I head out the door, I just saw a short article that a repeal of the new requirement on issuance of 1099s (part of the health care fiasco) was introduced by Democrats today. The measure was an amendment to a bill on health care benefits on 9/11 respondents. The overall measure failed on a procedural vote (it needed a two-thirds vote to pass).
However, the fact that Democrats introduced the measure indicates that it is very likely that the burdensome 1099 requirement will be repealed before the implementation date (2012).
Tags: 1099s
In 2012, the health care reform law will require ALL businesses, governments and charities to issue 1099 forms to vendors they pay over $600 for goods and services. This will undoubtedly financially crush thousands of small-and-medium-sized businesses who work for these companies. Read alliantgroups’ (www.alliantgroup.com) Dean Zerbe’s take on the 1099 burden and where its repeal currently stands in Congress and the administration. http://bit.ly/cG7USr