Repeal of 'ill-conceived' 1099 rule awaiting President Obama's signature

By Tanya Mannes, UNION-TRIBUNE

Tuesday, April 5, 2011 at 10:33 a.m.

1099 provision

Businesses of all sizes will be required to report all purchases totaling $600 or more per vendor in a year, which is likely to increase accounting costs and paperwork.
Source: National Federation of Independent Business

In a win for small businesses, the Senate has voted to repeal an unpopular new IRS rule that would have required reporting of many more business-to-business transactions on a form known as a 1099.
The Senate voted Monday afternoon to approve the repeal bill passed in the House earlier in March, and the measure now awaits action by President Barack Obama, who is expected to sign it.

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This should have never gotten passed in the first place.