UPDATE: New 1099 Requirements Repealed!
Have those silly new 1099 reporting requirements been changed yet?!?!? In a word, no.
The House of Representatives voted 314 to 112 to repeal the expanded 1099 reporting, paying for the changes by requiring repayment of tax credits by people who had received tax credits to pay for health insurance and later had their income rise.
The Senate had previously repealed the new reporting requirements using a different strategy to offset the revenue that had been expected to result from the new requirements.
Now we get to wait for a meeting of the minds as the differences in the bills are hashed out. Chances are good, though, that we will see a full repeal before the anticipated implementation. Phew!
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.
David Foley says
Does the anticipated repeal of the 1099 reporting include independant contractors? In a recent trade magazine for the boatng industry, it was published as a repeal for all small business’ having to report.
The repeal has been passed, meaning we’re back to the “old” rules which have been in effect: payments to unincorporated (read: not a corporation) service providers (as opposed to sellers of goods) who have been paid $600 or more in a calendar year. So we’re back to business as usual!
I can not seem to find anything that specifically shows that this 1099 ruling has been repealed?
This link lists the IRS requirements for 1099 reporting and does not mention the repealed requirements.
The full text of the repeal legislation can be found on this site: OpenCongress