Congress and President Obama just saved small business owners countless hours and dollars. This bill would have required tracking every payment to vendors whether for services or products starting in 2012. It’s nice to feel that we have finally been heard and that congress has responded in alleviating this huge burden off of small businesses.
On April 14, President Obama signed legislation repealing the Form 1099 filing requirements that were imposed under the Small Business Jobs Act and the Pension Protection and Affordable Care Act. The rules would have required businesses to report any purchases of goods or services of more than $600 a year from another vendor to the IRS on a Form 1099-MISC beginning in 2012. Owners of rental property were required to report payments of $600 or more to providers of services beginning in 2011.
