President Obama signed legislation Thursday, April 14 repealing the expanded 1099 reporting requirements in the health care reform law and Small Business Jobs Act.
Congress succeeded in repealing the 1099 requirements earlier this month after numerous votes on competing versions of the legislation (see Congress Votes to Repeal 1099 Requirements). The widely unpopular rules would have required businesses to report any purchases of goods or services of more than $600 a year from another vendor to the IRS on a Form 1099-MISC.
