Repeal of Expanded 1099 Requirements Signed Into Law
On Thursday, April 14, 2011, President Barack Obama signed H.R.4, the “Comprehensive 1099 Taxpayer Protection of Exchange Subsidy Overpayments Act of 2011″. This new law repeals both the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and also the 1099 reporting requirements imposed on taxpayers who receive rental income which was enacted as part of last year’s Small Business Jobs Act.
Click here for a full text article on the new law.
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