$600 1099 Requirement Dies

April 7, 2011 at 5:03 pm Leave a comment

On Tuesday, The Senate joined the House in approving the repeal of the requirement to file 1099s with the IRS  for any business purchase of $600 or more.  The President is expected to sign as well.

The requirement had been part of the funding plan for the Healthcare Reform act, but businesses of all sizes have balked at this provision, citing paperwork concerns. Before this requirement, businesses only had to file 1099s with IRS for services.

Read more: Bill to repeal 1099 paperwork burden clears Congress | Atlanta Business Chronicle

Entry filed under: risk management, vendor management. Tags: , , .

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