Senate Repeals 1099 Reporting Rule for Small Businesses

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On Tuesday April 5, 2011, the Senate voted overwhelmingly to repeal a provision of last year's Health Care Act that would have required small businesses to submit a Form 1099 for every vendor that received payments of $600 or more a year. Democrats and Republicans agreed that the new reporting requirement would be too expensive and time-consuming, and the repeal passed by a vote of 87-12.

The Wall Street Journal covered the repeal in detail in the article "U.S. Senate Passes Tax Reporting Repeal."

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