President Obama signs 1099 legislation

On April 14 President Obama signed a law that removes the expanded 1099 reporting requirement from the Affordable Care Act. Considered a big win for small businesses, the Small Business Administration and the President supported repealing this provision. It would have required businesses to send 1099 forms for all purchases of goods and services over $600 annually. The President said the requirement “would have been an undue barrier to small business growth”.