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Industry groups applaud Congressional 1099 repeal

Post Time:Apr 06,2011Classify:Industry NewsView:72

The National Association of Home Builders, Washington, D.C.,and Window & Door Manufacturers Association, Washington, D.C.,are among the groups applauding the Senate's passage today [April 5]of the repeal of the Form 1099 information reporting expansion that would have been required as part of the health care overhaul bill passed last year.The repeal bill, which now goes to President Obama for his signature, was already passed by the House.

Under the Patient Protection and Affordable Care Act approved last year, starting in 2012 businesses would have to file an IRS Form 1099 for each vendor from whom they purchase more than $600 in goods over the course of the year. Opponents note that the annual $600 threshold applies to all vendors, so that businesses could find themselves sending out 1099 forms for such mundane purchases as coffee, fuel and office supplies, according to an April 5 Window & Door report.

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Source: http://www.glassmagazine.com/news-item/commercial/industry-groups-applaud-congressional-1099-repeal-117921Author:

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