Two laws passed during the last Congress, the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010 expanded or increased the reporting requirements for Form 1099, a form used to report income paid to contractors. Last month the House passed H.R. 4, a bill that would repeal both sets of increased requirements. Yesterday the Senate passed the same bill and H.R. 4 has now made its way to White House where President Obama is expected to sign the bill into law.
For more on 1099 repeal or other tax issues contact Horowitz & Weinstein.