Bill Puts Kibosh on 1099 Nightmare

The U.S. Senate voted to repeal the filing requirement by an 87-12 vote, which followed a House vote in early March. President Obama then added his signature to the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.

The bill repeals the expansion in the Affordable Care Act of requirements for businesses to report information to the Internal Revenue Service on payments for goods of $600 or more annually to other businesses, and increases the amount of overpayment subject to repayment of premium assistance tax credits for health insurance coverage purchases through the exchanges established under the Affordable Care Act.