According to several reports, the House is expected to approve stand-alone legislation to repeal the expanded 1099 reporting requirements as early as next week.
The Hill reported that the House is tentatively scheduled to consider and approve the bill, H.R. 705, which would, “terminate language that requires companies to report goods and services transactions valued at $600 or more annually to the IRS.”
But this probably isn’t the end of the story.
There could be complications if the Senate doesn’t approve the language in the House bill.
The Senate recently approved its own amendment to repeal the expanded 1099 reporting requirements put forth by a Sen. Debbie Stabenow, D-Mich.
We’ll keep you posted on what happens next.
The 1099 provision, which is part of the healthcare reform law, requires companies to report all supply purchases of $600 or greater from one vendor – and takes effect in 2012.