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SmartPulse: Great expectations for Form 1099 repeal

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Modern Money

SmartPulse — our weekly nonscientific reader poll in SmartBrief for CFOs — tracks feedback from leading CFOs and senior finance executives. We run the poll question each Wednesday in our e-newsletter.

Last week, we asked: Do you think Congress will repeal Form 1099 reporting requirements in the health care law?

  • Yes, there is bipartisan support for a repeal — 74.74%
  • No, Congress cannot agree on how to make up for the lost revenue from a repeal — 16.49%
  • Not sure — 8.76%

Great expectations: Almost three-fourths of you think Congress will eventually repeal the health care law’s Form 1099 rules, which would require businesses to provide a 1099 to vendors and the Internal Revenue Service for purchases of $600 or more in property or services beginning in 2012. The hang-up has been that lawmakers can’t agree on how to pay for the repeal.