A couple weeks ago I jumped on the bandwagon of voices raising alarm over the Healthcare Law’s onerous increases in 1099 reporting requirements. It seems that the rule will likely not see the light of day. Democrats recently sought to repeal the 1099 reporting requirement, an effort that failed. However the failure isn’t over some overwhelming desire on the Republican’s love of the new 1099 reporting requirements. They have also introduced two efforts to repeal the regulations. With universal loathing of the rule on both sides of the aisle, it will only be a matter of time before a proposal to roll-back the regulation will be palatable to both sides.
Tip o’ the hat to Don’t Mess with Taxes.
Filed under: Federal Income Tax, Tax Tagged: | 1099, Health Care Reform, Health Care Reform 1099 rules, health care tax implications, Obama Health Care Reform
[...] As expected, President Obama signed a law repealing the Health-care Reform Law’s 1099 reporting requirements. As I have written about in the past, here and here, the 1099 rule was going to significantly expand the reporting requirements by not longer exempting corporations. After several false starts, its good to see congress finally get it together and get something done about a law that apparently nobody liked. [...]