From: C&L Value Advisors LLC [hwisneski@clvalue.com]

Sent: Friday, June 17, 2011 11:00 AM

To: Heidi E. Wisneski

Subject: More 1099 Reporting

 

CL Header PNG

1099's Are Repealed -

Thursday, April 14, 2011

For Immediate Release
Contact:
Kevin Cameron & Jolene Loos
813-286-7373
C&L Value Advisors LLC

 

President Obama signs 1099 repeal into law.

 

President Obama signed legislation Thursday, April 14 repealing the expanded 1099 reporting requirements in the Health Care Reform law and Small Business Jobs Act.

Congress succeeded in repealing the 1099 requirements earlier this month after numerous votes on competing versions of the legislation.  The widely unpopular rules would have required businesses to report any purchases of goods or services of more than $600.00 a year from another vendor to the IRS on a Form 1099-MISC

  

With this bipartisan effort, we have removed a requirement that would have been an undue barrier to small business growth.  Small businesses can now focus more energies and resources on creating jobs, not filling out yet another form for the IRS. 

 

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