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News Now

Washington
Obama signs 1099 extension repeal
WASHINGTON (4/18/11)--President Barack Obama late last week signed into law legislation that repeals an extension of Internal Revenue Service Form 1099 reporting requirements that was approved last year. The extension, which was approved as a "pay-go" effort to offset the cost to taxpayers of the new healthcare reform law, would have extended existing 1099-MISC reporting provisions to cover payments for goods valued over $600. Credit unions and other businesses have long been required to report on their Form 1099-MISC certain payments of $600 or more that will be considered income by the IRS. The Credit Union National Association has backed the repeal, noting that requiring 1099-MISC forms on goods would have been extremely burdensome and had questionable value in actually increasing federal revenue. Rep. Dave Camp (R-Mich.), who sponsored an early version of the bill, estimated that the tax law change would save taxpayers $20 billion over a 10-year span and would reduce the deficit by more than $166 million over that same time period.


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