Congress Repeals 1099 Requirement

The Senate voted to repeal the filing requirement by an 87-12 vote, which followed a House vote in early March. President Obama is expected to add his signature to the repeal.

Currently, businesses are only required to send a Form 1099 to individuals who provide rent, interest, dividends, and non-employee services in excess of $600 to a business. Payments to a corporation and payments for merchandise do not need to be reported.