GOODBYE PESKY NEW 1099 REPORTING

As we have posted here several times, last year, a new law was put into place as part of Obama Care that in 2012 required reporting of all transactions over $600 to any vendor in a year. This included business payments to Walmart, your gas station and everybody else for services and materials. Good news! On March 5th the Senate passed a bill which President Obama is expected to sign quickly a repeal of this new law. This is great news for anybody in business. However, please note that the old form 1099 reporting requirement for services is still in effect