Senate Just Passed H.R. 4 to Repeal the Expanded Form 1099 Requirements

The Senate just passed H.R. 4, which will repeal the expanded Form 1099 information reporting requirements for:

• Business payments of $600 or more made to a corporation;
• Amounts paid in consideration for property and other gross proceeds for both property and services; and
• Payments of $600 or more made to a service provider by recipients of income from rental real estate.

The President is expected to sign the bill. This is very good news for small businesses, as these requirements would be an extreme record keeping burden.