The 1099 requirement: This week, the Senate followed the House’s lead and voted to repeal the 1099 reporting requirement by a veto-proof margin of 87-12.
The intent of the requirement was to give government a means of more strictly enforcing income reporting and tax filing obligations on all businesses, with an eye toward using the extra revenue to pay for other provisions of the health care law.
The initial requirement would require businesses to send a 1099 form to any vendor with whom they do $600 or more worth of business in a given year.