This week’s question comes from Lindsay, an office manager. I read before that businesses were going to have expanded Form 1099-MISC reporting requirements starting in 2012. Now I’ve heard that these requirements may have been repealed. Have the expanded Form 1099 reporting requirements been repealed? Answer: The expanded reporting requirements for Form 1099 that were added as part of the Patient Protection and Affordable Care Act have been repealed.
Business Reporting Reverts To Previous Rules
Business reporting now reverts to the previous rules, requiring reporting of payments of $600 or more for services performed by non-employees. Most payments to corporations are exempt.
Reporting by Landlords Also Repealed
Expanded reporting requirements for landlords have also been repealed. Landlords not in the trade or business of renting property will have no Form 1099-MISC reporting requirements.
Contact Vision Payroll Today
Contact Vision Payroll for further information regarding the repeal of the Form 1099-MISC expanded reporting requirements.