1099 Requirement Update | Tax Tip of the Week | No. 90

Repeal of Form 1099 Filing RequirementsAfter intense lobbying efforts by the Ohio Society of CPAs and every other small business association, on April 14, President Obama signed legislation repealing the Form 1099 filing requirements that were imposed under the Small Business Jobs Act and the Pension Protection and Affordable Care Act.The rules would have required businesses to report any purchases of goods or services of more than $600 a year from another vendor to the IRS on a Form 1099-MISC beginning in 2012. Owners of rental property were required to report payments of $600 or more to providers of services beginning in 2011.As always, give us a call if you have any questions.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt - the guy behind TTW...until next week.