New 1099 rules

[veritas]

"The Senate voted 81-17 to remove a piece of the law that calls for businesses to file a 1099 tax form when they pay a vendor more than $600 in a year."

from WSJ article

http://online.wsj.com/article/SB10001424052748704775604576120602891006160.html?mod=WSJ_hpp_sections_health

[JG EA]

Yeah! I say again Yeah!

[lenboush]

"The Senate voted 81-17 to remove a piece of the law that calls for businesses to file a 1099 tax form when they pay a vendor more than $600 in a year."

from WSJ article


http://online.wsj.com/article/SB1000...ections_health

But they still have not removed the part of the law that applies to rental property owners:

http://blogs.forbes.com/deanzerbe/2011/02/03/section-1099-form-reporting-repeal-not-so-fast-and-not-the-whole-enchilada/?partner=yahoofpapp++

[NotEasy]

Great news. I am sure the Postal Service does not welcome this news though...

[kpangelinan]

Great news....

Who the heck proposed this legislation anyways and how the heck did it ever make it through congress inside Obamacare....I know, I know.....

While adding more revenue to the accounting industry, it would hurt small businesses for sure, increase compliance costs to larger corporations, thus increasing the cost of our widgets, or they'll take it out of the employees salary or benefits as to not cut into their profits....