2011 Year in Review: Politics
1099 Repeal for Tax Reporting is Passed
In April, the Senate passed "The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayment Act," which overturned an aspect of the 2010 health care reforms that expanded the requirements for businesses to file 1099 tax forms. Typically used for contractors and freelance workers, the 2010 changes would have required businesses to file a 1099 form for anyone paid more than $600 as a business expense, such as plumbers and electricians. Small businesses protested the law, saying it added unnecessary paperwork and costs. H.R. 4 was signed into law on April 14.
Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.