Two 1099 Amendments Fail

Two 1099 repeal amendments were debated yesterday as part of the food safety bill, but both failed under the Senate’s 2/3rds rule for passage. The Johanns amendment (S.Amdt 4702) was a complete repeal with the offset coming from rescinding $39 billion in non-Defense Department discretionary spending, i.e. unused stimulus funds.  His amendment failed 61-35, with… Read more »

Small Biz Lending Bill Does Not Contain 1099 Repeal

U.S. President Barack Obama signs the Small Business Jobs Act in the East Room of the White House in Washington on September 27, 2010. The bill extends Recovery Act measures to increase lending and provide tax relief for small businesses in the U.S.  UPI/Roger L. Wollenberg Photo via Newscom

Before adjourning for the 2010 campaign season, the Senate rejected two amendments to the small business lending bill that would have alleviated the onerous new Form 1099 reporting requirements contained in the Patient Protection and Affordable Care Act (PPACA).  The new requirements would force all businesses and tax-exempt organizations to issue a Form 1099 to… Read more »