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Member, Beacon International Group, Ltd.
WASHINGTON—The U.S. Senate has approved legislation that would repeal the health care reform law requirement that employers furnish 1099 statements whenever they do more than $600 in business with a corporate vendor.
The provision is part of the broader bill, S. 223, that the Senate approved Thursday on an 87-8 vote.
Earlier this week, the House Ways and Means Committee approved two bills to repeal the 1099 reporting provision.
One measure, H.R. 4, would repeal only the 1099 reporting requirement. The other measure, H.R. 705, also would repeal certain reporting requirements on owners of rental real estate, among other changes. The full House has yet to act on either bill.
Small employers in particular have complained that the 1099 reporting requirement that is scheduled to go into effect in 2012 is too great a burden.
WASHINGTON—The House Ways and Means Committee on Thursday unanimously approved legislation that would repeal a health care reform law requirement that employers furnish 1099 statements whenever they do more than $600 in business with a corporate vendor.