RIVERWOODS, Ill., April 5, 2011 /PRNewswire/ -- The Senate today repealed controversial expanded information reporting on Form 1099 for certain business payments and rental property expense payments with passage of the Comprehensive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
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