Unpopular 1099 Reporting Requirements to be Eliminated
Moments ago, the Senate passed legislation to repeal of the recently enacted expansion of 1099 reporting requirements. President Obama has given his support for the repeal of this provision and is expected to sign the legislation into law immediately.
The PPACA included a provision that, if not for its repeal, would have significantly expanded who would be required to file a 1099, and what would need to be reported on it. The measure would have required all businesses, charities and state and local governments to file a 1099 for all payments made aggregating $600 or more in any calendar year to a single provider.
Repeal of the 1099 provision became an immediate priority for businesses and employer groups, and thus soon after, Republicans and Democrats alike. The delay in the effort to repeal the requirement was a difference of opinion between House Republicans and Senate Democrats on how to offset the expected revenue (non-compliance fees). Ultimately the Senate agreed to the House’s language of recollecting incorrectly issued premium tax subsidies.
Hopelessly Searching for an IPad? – Enter SIIA’s New PAC Raffle
Attendees of the upcoming TPA/MGU conference (April 13 – 15), will have the opportunity to purchase raffle tickets for a chance to win an “impossible to find” Apple IPad 2. All raffle proceeds will go towards funding SIIA’s Political Action Committee.
Stay Informed on the PPACA
SIIA’s Government Relations Staff is continually updating SIIA’s PPACA In-Depth Analysis as regulations and guidance are issued by Federal agencies and Congress. Please continue to visit our website to review the most up-to-date information - http://www.siia.org/i4a/pages/index.cfm?pageID=5401.