We've been harping about the disastrous consequences of the 1099 reporting requirements included in the 2010 health care law and it looks like the collective criticism of this overreaching policy hasn't fallen on deaf ears. The U.S. House of Representatives bill H.R. 4 repeals those requirements and it has passed in the U.S. Senate and now awaits the President's signature.
H.R. 4 repeals the information reporting requirements under IRC Sec. 6041 for payments to recipients of rental income made after 12/31/10, as well as the provisions for payments made to corporations and payments for goods and other property made after 12/31/11. Under H.R. 4, the 1099 reporting rules return to the way they read before enactment of the Affordable Care Act and Small Business Jobs Act and generally require reporting by payors considered to be engaged in a trade or business for payments totaling at least $600 in a year.
This is a win for all business owners, regardless of the size of the business. Check that! -- the folks that print blank 1099 forms can't be happy because this was going to be a windfall for them!
ELEVEN DAYS LEFT TO FILE YOUR 2010 TAX RETURNS! Have a great day.
H.R. 4 repeals the information reporting requirements under IRC Sec. 6041 for payments to recipients of rental income made after 12/31/10, as well as the provisions for payments made to corporations and payments for goods and other property made after 12/31/11. Under H.R. 4, the 1099 reporting rules return to the way they read before enactment of the Affordable Care Act and Small Business Jobs Act and generally require reporting by payors considered to be engaged in a trade or business for payments totaling at least $600 in a year.
This is a win for all business owners, regardless of the size of the business. Check that! -- the folks that print blank 1099 forms can't be happy because this was going to be a windfall for them!
ELEVEN DAYS LEFT TO FILE YOUR 2010 TAX RETURNS! Have a great day.
Hi. You can find a blank Fillable Form 1099-R here.
ReplyDeletehttp://goo.gl/SrrxDz
You can fill out the form, save it, fax it, and email it. Please feel free to use it.