On Tuesday, the Senate voted in favor of the House version of the repeal of the 1099 expanded requirement. The bill now goes to the President for his signature and the White House says he will sign it.
The expanded 1099 reporting requirements repealed by this bill are as follows:
- Congress has expanded the 1099 reporting requirement that businesses had to report all payments over $600 to all businesses and individuals, not just unincorporated service providers.
- Congress had expanded the definition of a business to include rental real estate owners. Before repeal, this would have required real estate owners to provide 1099’s.
For additional information or assistance in your tax planning matters, please contact Dennis Nelson @ (816) 753-7700 or a MarksNelson tax advisor.