In his State of the Union address Tuesday, President Obama said he will support repealing the requirement in the health care reform law that requires employers to fill out a 1099 tax form every time they spend $600 on goods and services, a repeal that the National Automatic Merchandising Association (NAMA) has sought.
In a recent legislative memo, NAMA reported that the U.S. House of Representatives is preparing to debate H.R. 4, which will overturn new IRS 1099 reporting requirements. As currently enacted in the 2010 health care legislation, in 2012 all companies will be required to file 1099 forms with the IRS for transactions cumulatively valued over $600. NAMA supports repealing this expensive new reporting requirement. For additional information contact Ned Monroe at email@example.com.