For those of you concerned about onerous reporting requirements, we got a win yesterday when President Obama signed bill H.R. 4 which repeals the expanded information reporting on the IRS tax Form 1099 for certain business payments and rental property expense payments. The required 1099 reporting was included in the new health care law, the Patient Protection and Affordable Care Act. I’m excited about this repeal because it makes for one less reporting requirement that would have been placed on small businesses who are short-handed and already carrying the burden of filing many report. Additional information about this repeal can be found in the “latest news” section at the Healthcare Reform Resource Center on the NTCA website.
