Expanded 1099 Reporting Requirements Repealed
The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 repeals the expanded 1099 reporting requirements which were to take effect in 2011 and 2012 from the 2010 Patient Protection and Affordable Care Act as well as the 2010 Small Business Jobs Act. As a result of the repeal, 1099 reporting requirements remain unchanged.
The Patient Protection and Affordable Care Act had expanded the 1099 reporting requirements to include all payments from businesses aggregating $600 or more in a calendar year to a single payee, including corporations (other than a payee that is a tax-exempt corporation), and to include payments made for property, starting with payments in 2012.
The Small Business Jobs Act had enacted a requirement that individuals who receive rental income issue Forms 1099 to service providers for payments of $600 or more, starting with payments in 2011.
If you have concerns regarding 1099 reporting requirements or any other tax-related matters, call one of our experienced tax professionals today at 978-452-2500 so that we can assist you with any questions you may have.
Anstiss & Co. is a Lowell- based public accounting firm serving clients throughout the United States. The firm was founded by Ray Anstiss, Sr. in 1964, and is currently listed as a Top-35 Accounting Firm in Massachusetts by the Boston Business Journal.
