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Repeal of 1099 Reporting Expansion Fails Again

Melissa Klein Aguilar | November 30, 2010

Efforts to repeal the expansion of a tax reporting requirement that's expected to create a paperwork nightmare for businesses have again fallen flat.

Two amendments that would have repealed a controversial reporting requirement that's expected to affect as many as 40 million businesses failed to get the required votes in the Senate. The votes this week follow failed votes on similar measures in September.

Companies currently report amounts over $600 spent in a year on services with any one unincorporated businesses-usually independent contractors and sole proprietors-on Form 1099s sent to those individuals, but money spent with other corporations, or for the purchase of goods or property, isn't required to be reported on a 1099. Unless Congress acts, however, that distinction will be scrapped in 2012 when Section 9006 of the Patient Protection and...

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