New CCH Tax Briefing on Congressional Approval of 1099 Repeal Bill

News provided by

CCH, a Wolters Kluwer business

05 Apr, 2011, 09:10 ET

RIVERWOODS, Ill., April 5, 2011 /PRNewswire/ -- The Senate today repealed controversial expanded information reporting on Form 1099 for certain business payments and rental property expense payments with passage of the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011; the House had approved the legislation on March 3. CCH has issued a new Tax Briefing that examines the legislation. CCH, a Wolters Kluwer business is a leading global provider of tax, accounting and audit information, software and services (CCHGroup.com).

Under last year's Patient Protection and Affordable Care Act (PPACA), starting in 2012, businesses would have been required to issue 1099s to any vendor from whom they purchase more than $600 in goods other than to a vendor that is a tax-exempt organization. In addition, a provision of the 2010 Small Business Jobs Act required information reporting by landlords on Form 1099 of certain rental property expense payments of $600 or more to a service provider made after December 31, 2011.

"These provisions placed an added accounting and reporting burden on taxpayers, especially small businesses and landlords," said CCH Principal Federal Tax Analyst Mark Luscombe, JD, LLM, CPA.

For More Information

To access the CCH Tax Briefing, please click here or visit CCHGroup.com/Legislation to access the full range of CCH's Special Briefings on significant tax law developments.

Members of the press interested in speaking to a CCH tax analyst about the new tax legislations should contact Eric Scott at 847-267-2179, [email protected] or Brenda Au at 847-267-2046, [email protected].

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business (CCHGroup.com) is a leading global provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading solutions are The ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect®, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill. Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.

SOURCE CCH, a Wolters Kluwer business

PRN Top Stories Newsletters

Sign up to get PRN’s top stories and curated news delivered to your inbox weekly!

Thank you for subscribing!

By signing up you agree to receive content from us.
Our newsletters contain tracking pixels to help us deliver unique content based on each subscriber's engagement and interests. For more information on how we will use your data to ensure we send you relevant content please visit our PRN Consumer Newsletter Privacy Notice. You can withdraw your consent at any time in the footer of every email you'll receive. Mit Ihrer Anmeldung erklären Sie sich damit einverstanden, Inhalte von uns zu erhalten.
Unsere Newsletter enthalten Zählpixel, die die Lieferung einzigartiger Inhalte in Bezug auf das Abonnement und die Interessen der einzelnen Abonnenten ermöglichen. Weitere Informationen über die Verwendung Ihrer Daten im Hinblick auf die Zusendung von relevanten Inhalten, finden Sie in unserer PRN Consumer Newsletter Privacy Notice. Ihre Zustimmung können Sie jederzeit in der Fußzeile jeder erhaltenen E-Mail widerrufen. En vous inscrivant à la newsletter, vous consentez à la réception de contenus de notre part.
Notre newsletter contient des pixels espions nous permettant la fourniture à chaque abonné, d’un contenu unique en lien avec ses souscriptions et intérêts. Pour de plus amples informations sur l’utilisation faite de vos données en vue de l’envoi des contenus concernés, nous vous invitons à consulter la politique de confidentialité disponible à partir du lien suivant PRN Consumer Newsletter Privacy Notice. Vous pouvez à tout moment revenir sur votre consentement par le biais des informations situées au bas de chaque e-mail reçu. Регистрирайки се, Вие се съгласявате да получавате информационно съдържание от нас. Нашите бюлетини съдържат проследяващи пиксели, които ни помагат да предоставяме уникално съдържание въз основа на ангажираността и интересите на всеки абонат. За повече информация относно начина, по който ще използваме Вашите данни, за да гарантираме, че Ви изпращаме подходящо съдържание, моля, направете справка с нашето Уведомление за поверителност на потребителския бюлетин на PRN. Можете да оттеглите съгласието си по всяко време в долния колонтитул на всеки от имейлите, които ще получите.