House passes a Bill to Repeal the New 1099 Laws
On March 3, the House of Representatives voted 314-112 in favor of repealing the expanded 1099 reporting requirements for businesses and rental property owners. The bill now goes to the Senate. It is uncertain how the Senate will react to the House bill. The Senate passed a different version of the 1099 repeal back in February (see my blog post http://www.lasvegascpablog.com/2011/02/senate-passes-an-amendment-to-kill-the-new-1099-law/). If you would like to read more about this bill, the Journal of Accountancy has written a great article.
Feel free to contact me at Wallace Neumann & Verville, LLP if you would like to discuss how the 1099 law will affect your business.