What's new from Congress

Congress has passed, and the President has signed, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This bill repeals the expansion of the Form 1099 reporting requirement contained in 2010 legislation. Former (pre-2010 legislation) Form 1099 reporting rules remain in effect.

For many years, most businesses – except for small landlords – have been required to send a 1099 form to the IRS for any service rendered by an unincorporated firm, such as a proprietorship, a partnership or an individual. Legislation passed last year broadened that mandate to require a 1099 for any vendor – corporation or not – and for goods as well as services, if the yearly amount was $600 or more. Another law then required landlords to meet all the reporting requirements imposed on all other businesses.

With the new legislation, Congress has overturned the effects of last year's law changes.

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