On Tuesday, the Senate passed bill H.R. 4, "The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayment Act," by an 87 to 12 vote. The bill, which repeals much-contested changes to tax information reporting, now awaits a signature from President Obama.
The original provision, which was passed as part of the health care reform, sought to increase tax revenue by expanding requirements for businesses to file 1099 tax forms. Previously limited to freelance workers and independent contractors, the change would have forced small businesses to file a 1099 form for every person or company with whom they did more than $600 worth of business.
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Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.