President Signs 1099 Repeal Bill
On April 14, 2011, President Obama signed legislation that repealed the expanded 1099 reporting requirements in the health care reform law and the Small Business Jobs Act. Repeal means that 1099 reporting rules for business transactions continue unchanged, 1099’s must be issued for payments of $600 or more to service providers. Repeal also means that the exception for sending 1099’s to most corporations remains in effect. A big win for nonprofits and small business!