New 1099 Requirements Repealed

Remember the crazy 1099 Requirements Hiding in Health Care Bill that were going to generate a flurry of paperwork?

Last week, the President signed a new law to repeal those 1099 requirements. In addition, 1099 requirements for rental income were repealed.

When the President Signed the Repeal of Expanded 1099 Requirements it removed the part of the health care bill that:

Expanded the 1099 reporting requirements to include all payments from businesses aggregating $600 or more in a calendar year to a single payee, including corporations (other than a payee that is a tax-exempt corporation), and to include payments made for property, starting with payments in 2012.

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