Congress fights over repeal, reduction of new 1099 reporting rule

08/10/2010 |

Republicans and Democrats have made noises about repealing or cutting back the 1099 reporting requirement that was passed as part of health care reform, but partisan wrangling could hinder passage. NFIB Tax Counsel Bill Rys called the provision, which requires businesses to file a 1099 form for every vendor from whom they buy more than $600 in goods and services, "absolutely unmanageable." The Internal Revenue Service expects it would raise $19 billion over 10 years.

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