Senate repeals 1099 reporting requirements
| April 05, 2011 |
The U.S. Senate passed H.R. 4 on Monday, effectively repealing the expanded tax reporting requirements in the Patient Protection and Affordable Care Act. The law had stipulated that, starting in 2012, firms would be required to file a Form 1099 to all vendors they pay $600 or more for goods and services annually.
Construction associations and industry advocates viewed the provision as an onerous one for an industry already suffering significant job loss. “With an unemployment rate at 20 percent – more than twice the national average – delaying action on this measure will not help facilitate a speedy economic recovery,” said Associated Builders and Contractors National Chairman Michael J. Uremovich.