The recent expansion of the 1099 reporting rules are officially repealed. President Obama has signed the legislation, which scraps the requirement that business issue 1099-MISC forms when paying $600 or more to corporations or for goods. Also gone is the rule making owners of rental properties file 1099s on payments of $600 or more for goods & services. Business, landlords and lobbying firms complained that the increased reporting was a hassle, and lawmakers finally agreed.
|It’s Not What You Earn, But What You Keep, After Taxes.™|