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Senate repeals 1099 tax reporting requirement
WASHINGTON — The U.S. Senate Tuesday voted to repeal a law that posed a burdensome tax reporting requirement for businesses.
In an 87-12 decision, the legislative body passed H.R. 4, the Small Business Paperwork Mandate Elimination Act, sponsored by Rep. Dan Lungren, R-Calif. The bill repeals a provision in the Patient Protection and Affordable Care Act of 2010 that required businesses to file a Form 1099 with the Internal Revenue Service whenever they made noncredit-card payments totaling $600 or more to a vendor during a single year.