On April 14, President Obama signed the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011 (HR 4). Congress sent the bill for his signature on April 6.
The bill repeals both the Form 1099 reporting requirement that was included in Health Care legislation for the purpose of funding health care reform, and the expansion of 1099 reporting requirements for expense payments of rental property owners that was included in the 2010 Jobs Act.
Repeal of these onerous 1099 filing requirements relieves all businesses from the time and expense of filing unproductive paperwork on behalf of the government.
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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.