Wonderful news this April 15, 2011! President Obama on April 14 signed the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011 (HR 4). This Act repeals an objectionable Form 1099 reporting requirement. This former record-keeping provision was included in the Patient Protection and Affordable Care Act (P.L. 111-148). It required businesses, including nonprofit organizations, to file Form 1099 for all transactions valued at $600. The repealed 1099 reporting provision was widely viewed as an excessive paperwork burden.
The President said the following in a written statement: “Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork.”
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