Good news! The recent expansion of the 1099 reporting rules are officially repealed. President Obama has signed the legislation which scraps the requirement that businesses issue 1099s when paying $600 or more to corporation or for goods. Also gone is the rule making owners of rental properties file 1099s on payments of $600 or more for goods and services. Businesses, landlords and lobbying firms complained that the increased reporting was a hassle, and the lawmakers heard them.
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