Repeal of expanded 1099 reporting

Previously mentioned the expanded 1099 reporting that would have gone into effect in 2012.  This would have required all businesses and ministries to report on 1099s the payments to any vendor over $600.  The major change in the rules is the exception for incorporated businesses would have gone away.

On 3-14-11 the President signed legislation that repeals the expanded reporting requirement.

This means the current rules on reporting 1099s will remain in place:  1099s go to unincorporated vendors paid over $600 in a year and all payments to attorneys.

The bill passed the House on March 3, approved in the Senate on April 5, and was signed April 14.

More details from the Journal of Accountancy.

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