Repeal of 1099 Reporting Requirement

President Obama recently signed into law a bill that removes the expanded "1099" reporting requirement from the Affordable Care Act. The provision would have required businesses to report on Form 1099 all purchases of goods and services of $600 or more annually.

The bill, officially named the "Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011," makes the following changes to the Affordable Care Act:

Repeals the expansion of existing requirements that businesses report information to the Internal Revenue Service on payments for goods of $600 or more annually to other businesses