On April 14, 2011, the President of the United States signed H.R. 4, known as the “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.” The new law, Public Law 112-009, repeals the recently expanded Form 1099 tax reporting requirements. The reporting requirements eliminated are the requirement that a business file a Form 1099 whenever it pays more than $600 per year to a vendor, including payments to corporations, and the requirement that persons who receive rental income are subject to the same reporting requirements as taxpayers engaged in a trade or business.
This Legal Alert updates our previous Legal Alert entitled, “United States House of Representatives Votes to Eliminate 1099 Reporting Requirements,” March 10, 2011.
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Linda M. Monje | 661.864.3800