GOP House could spell the end of the 1099 rule

11/5/2010 | Reuters

President Barack Obama acknowledged this week that a forthcoming rule requiring businesses to file 1099 forms for expenses of more than $600 could be detrimental to small businesses. The admission came after Tuesday's elections, in which Republicans took control of the House of Representatives. The requirement, which is part of the health care bill, has been heavily criticized by Republican lawmakers as well as business groups. "If it ends up just being so much ... trouble that small businesses find it difficult to manage, that's something that we should take a look at," Obama said.

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