On April 14th I received an email from Beanna Whitlock, Executive Director of the NCPE Fellowship (a membership organization for tax professionals). Here is what it reported -
“The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 was signed into law today by President Obama.
1. It repeals the requirement for rental property owners to issue Forms 1099 starting with 2011 payments. Landlords will not be required to issue 1099's.
2. It repeals the requirement for businesses to issue Forms 1099 for products beginning with the 2012 payments.
3. The requirement for businesses to issue Forms 1099 to corporations beginning with 2012 payments is also repealed.”
This is obviously great news – and removes a great anticipated burden on small business owners and landlords.
The idiots in Congress were finally able to accomplish something that both Parties have wanted to do, and made several unsuccessful attempts to accomplish, for over a year now – ever since they realized what they had passed in the health care “reform” bill – a bill that they had not bothered to read in full before voting on it.