Recent Movement for the Repeal of the New Information Reporting Requirement

By an 81-17 vote, the Senate passed an amendment that would repeal a health care reform provision that requires a business to file Forms 1099 with the IRS any time the business spends more than $600 a year with any other business. That requirement, which is scheduled to go into effect in 2012, is a significant expansion of the current Form 1099 reporting requirement.

Businesses should continue to monitor this legislation because the new Form 1099 requirement will have a significant impact on compliance and legislation in this regard could alleviate some of the complexity and costs associated with the new requirement.

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