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Senate appeals 1099 reporting requirement

News | July 1, 2011 | By:

The Senate passed the “Small Business Paperwork Mandate Elimination Act,” repealing the onerous 1099 tax reporting requirement established in the health care overhaul passed last year.

The 1099 provision would have required businesses to send a 1099 tax form and collect W9 information from every vendor it purchases more than $600 worth of goods or services from each year, increasing the businesses’ workload and overhead costs.

The National Marine Manufacturers Association supported the repeal of the provision.

The bill now goes to President Obama, who is expected to sign it into law.

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