UPDATE: New 1099 Requirements Repealed!
On Groundhog Day, the Senate passed an amendment to repeal the crazy new 1099 requirements set to go into effect next year.
While several amendment attempts have been made by Senator Mike Johanns of Nebraska, the winning amendment was introducted by Senator Debbie Stabenow of Michigan. Virtually identical to the Johanns amendment, the approved amendment will be attached to a widely-supported piece of legislation to re-authorize the Federal Aviation Administration.
It should be noted that the repeal enjoyed broad bipartisan support, passing with a vote of 81-to-17.
Of course, it’s not officially passed into law yet, but this new amendment is the first real hope that we’ve had that the crazy-making expansion of 1099 reporting might be repealed before it even takes effect. Stay tuned!
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.