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Thursday, April 21st, 2011President Obama signed a law that removed the expanded “1099” reporting requirement which was enacted as part of the health care legislation last year. H.R. 4 was authored by local Congressman Dan Lungren. This legislation is a big win for small businesses and landlords.
H.R. 4 came as the result of a caveat in the health care legislation which would have required small business and real estate owners to file 1099 forms with the government for all vendors they paid $600 or more. Repeal of this provision will take effect in January of 2012.
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