Repeal of Increased Form 1099 Requirements
Two pieces of legislation adopted by Congress last year would have imposed increased requirements for filing Forms 1099, beginning with owners of rental property this year (2011) and for all businesses beginning in 2012. Both requirements met with widespread opposition and concerns over the burdensome effect of these requirements on landlords beginning this year and all businesses beginning next year.
Congress responded to the public criticism and has now repealed both of these requirements, retroactively. The House passed the legislation first and the Senate passed it on April 5 by a veto proof vote of 87-12. Businesses and landlords can breathe a sigh of relief in light of this repeal.