President Obama signed legislation Thursday, April 14 repealing the expanded 1099 reporting requirements in the Health Care Reform law and Small Business Jobs Act.

Congress succeeded in repealing the 1099 requirements earlier this month after numerous votes on competing versions of the legislation.  The widely unpopular rules would have required businesses to report any purchases of goods or services of more than $600.00 a year from another vendor to the IRS on a Form 1099-MISC. 

  

With this bipartisan effort, we have removed a requirement that would have been an undue barrier to small business growth.  Small businesses can now focus more energies and resources on creating jobs, not filling out yet another form for the IRS.