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Greetings!
MacCorkle Insurance Service is pleased to provide you with this update - we hope you find the presented topic both interesting and informative. Please look for future editions providing the HR professional with compliance and legislative briefs throughout the year.
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Congress Repeals 1099 Reporting Requirements
On April 5, 2011, the Senate voted to repeal the Form 1099 tax reporting requirement that was included in last year's health care reform law. The Senate passed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (H.R. 4) by a vote of 87-12, showing overwhelming support for the repeal. The House of Representatives previously passed H.R. 4 on March 4, 2011, by a vote of 112-15. The repeal  measure was supported by the White House and is expected to be signed by President Obama.
The repeal of this unpopular provision is the first successful effort to roll back part of the health care reform law. Business groups opposed the requirement and its expected administrative burden, which led to both Republicans and Democrats targeting the provision for repeal.
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