My Real Estate Blog

House votes to eliminate 1099 requirement for small businesses

The U.S. House of Representatives passed a bill last week to repeal a tax-reporting requirement (known as the 1099 provision) for small businesses, including landlords, in the 2010 health care overhaul law.

The provision would have required millions of businesses to file tax forms for every vendor that sells them more than $600 in goods each year, starting in 2012.  The requirement was projected to raise nearly $25 billion over the next decade by ensuring that vendors pay their taxes.

Reprinted From C.A.R.

Posted by Adam Mallory on March 15th, 2011 10:14 AMPost a Comment (0)

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