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For Immediate Release
Contact:
Kevin Cameron & Jolene Loos
813-286-7373
C&L Value Advisors LLC
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President Obama signs 1099 repeal into law.
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President
Obama signed legislation Thursday, April 14 repealing the expanded 1099
reporting requirements in the Health Care Reform law and Small Business
Jobs Act.
Congress
succeeded in repealing the 1099 requirements earlier this month after
numerous votes on competing versions of the legislation. The
widely unpopular rules would have required businesses to report any
purchases of goods or services of more than $600.00 a year from another
vendor to the IRS on a Form
1099-MISC.
With this
bipartisan effort, we have removed a requirement that would have been
an undue barrier to small business growth. Small businesses can
now focus more energies and resources on creating jobs, not filling out
yet another form for the IRS.
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