Senate Approves Repeal of Expanded Form 1099 Reporting Requirements
The Senate on February 2 approved by a 81-to-17 margin an amendment to the FAA reauthorization bill (Sen 223) currently under debate in the Senate that would repeal new IRS Form 1099 reporting requirements for businesses. The measure, offered by Sen. Debbie Stabenow, D-Mich., is offset by retracting $44 billion in previously approved but unobligated discretionary spending, barring the spending of those funds by the Defense and Veterans Affairs Departments and the Social Security Administration.
This is not a done deal!
A similar bill has been passed by the House and it will go to the Senate/House Conference Committee to work out the differences. Stay tuned for changes.
