1099 Provision Voted Down in Senate…

On February 2nd the U.S. Senate voted to repeal the provision of last year’s health care legislation, that if it passes is expected to cause heavy tax information reporting requirements on small businesses AND nonprofit organizations.

The Senate approved an amendment (to an unrelated bill) that would repeal the 1099 requirement. The underlying bill with the amendment intact still has to pass the House of Representatives and be signed by the President to become law.

There appears to be bipartisan support for repeal. The President signaled his support for repeal in his State of the Union address last month. A GOP dominated house should make passage a certainty but if any problems develop with the underlying bill an alternative vehicle will be needed to effect repeal.

L&M wishes to thank Jay Hauck, Esq. of Hauck and Associates, an AMC in Washington, DC for monitoring this important repeal legislation.

Posted in 2011 V1, eNews.

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