The President has signed H.R. 4, the “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.” This new law retroactively repeals the unpopular Form 1099 expanded information reporting rules added by 2010 legislation. This provision would have basically required all businesses to issue 1099s to virtually every vendor. Once, we have a chance to further review the new law we will let you know if there are any other relevant provisions.
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