Congress Passes Repeal Of Expanded Information Reporting Requirements
Congress has passed H.R. 4, The Comprehensive 1099 Tax Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. The Senate passed the Act on April 5 and the House passed it on March 3. President Obama is expected to approve the Act.
The Act repeals expanded information reporting for payments to corporations and payments for goods or other property. (Huge sigh of relief!) The Act also repeal the application of information reporting requirements to operators of rental real estate. (Second big sigh of relief.)
The information reporting requirements are the same as they were before the enactment of the Patient Protection and Affordable Care Act (federal health care reform) and the Small Business Jobs Act of 2010.
“The is great news that will help preserve the forests of the world since mountains of paper won’t have to be used for the forms,” said Michael Gray, CPA of San Jose.
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