Repeal of 1099 Reporting Rules Passes the Senate

U.S. businesses can now breathe a big sigh of relief. On April 5, the U.S. Senate passed legislation to repeal the expanded 1099 information tax return requirements which were part of last year's health care legislation as well as the 1099 reporting requirements for individual taxpayers that receive rental income. The U.S. House of Representatives had already passed the same bill on March 3rd, so it now will go to the President for his signature.

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