October 1, 2022

Senate Manages to Stay Out of Its Own Way, Passes 1099 Repeal

Now that the repeal has passed, where will all the energy spent on pandering to small businesses go?

Bowing to pressure from business groups worried about an avalanche of paperwork, the U.S. Senate voted on Tuesday to rescind a tax-reporting requirement included in last year’s healthcare overhaul law.

With bipartisan support, the Senate voted 87-12 to pass legislation sponsored by Republican Senator Mike Johanns that repeals a requirement for businesses and landlords to file a Form 1099 document with the Internal Revenue Service for purchases of goods and services exceeding $600 a year.

President Obama is expected to sign the bill at which point GOP leaders are expected to criticize him for something.

US Senate votes to repeal healthcare tax measure [Reuters]
Just a reminder: Oh, By the Way, There’s Still a New 1099 Reporting Requirement for 2012 in the Proposed Budget

Now that the repeal has passed, where will all the energy spent on pandering to small businesses go?

Bowing to pressure from business groups worried about an avalanche of paperwork, the U.S. Senate voted on Tuesday to rescind a tax-reporting requirement included in last year’s healthcare overhaul law.

With bipartisan support, the Senate voted 87-12 to pass legislation sponsored by Republican Senator Mike Johanns that repeals a requirement for businesses and landlords to file a Form 1099 document with the Internal Revenue Service for purchases of goods and services exceeding $600 a year.

President Obama is expected to sign the bill at which point GOP leaders are expected to criticize him for something.

US Senate votes to repeal healthcare tax measure [Reuters]
Just a reminder: Oh, By the Way, There’s Still a New 1099 Reporting Requirement for 2012 in the Proposed Budget

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Sarcastically Surprised Kirk meme

The Talent Shortage Has Gotten So Bad Clients Are Now Doing Their Own Audit Documentation

The Securities and Exchange Commission has charged Deloitte China with failing to comply with fundamental U.S. auditing requirements because in numerous audits over numerous years Deloitte China asked clients to select their own samples for testing and to prepare their own audit documentation. From the SEC press release: The Securities and Exchange Commission today charged […]