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1099 repeal bill awaits president's signature

President Obama is expected to sign into law H.R. 4, which repeals the IRS Form 1099 reporting requirements. H.R. 4, known as the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, would repeal a requirement that small business owners, farms and ranches file a 1099 for all payments, including goods and services, totaling $600 or more in a calendar year for each vendor.

President Obama is expected to sign into law H.R. 4, which repeals the IRS Form 1099 reporting requirements.

On April 5, the Senate voted 87 to 12 to repeal the requirement. The House adopted the measure in March, 314 to 112. Because the House and Senate have approved identical legislation, the bill went to the President who has announced he will sign it.

H.R. 4, known as the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, would repeal a requirement that small business owners, farms and ranches file a 1099 for all payments, including goods and services, totaling $600 or more in a calendar year for each vendor. The government planned to tax revenues reported on 1099 forms in order to raise money to fund health care reform. The Form 1099 provision was set to begin in 2012.

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