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1099 Additional Reporting Law Repealed By Pres. Obama

Apr 15, 2011

The National Association for the Self-Employed (NASE) is thrilled that President Obama has signed a repeal of the additional reporting requirement regarding Form 1099 passed under the Affordable Care Act. NASE Executive Director Kristie Arslan had these comments after the repeal became law:

"America's smallest businesses - the self-employed and micro-businesses - will benefit the most from this repeal," said Arslan. "For over a year, small business organizations like the NASE have joined forces to raise awareness about the extent of damage this law would have on Main Street shops. We are pleased to see that the President has officially removed the burden from business owners' backs so, come 2012, they won't have to worry about the crushing amount of paperwork the law would have demanded." 

 

SBA Administrator Karen Mills remarked on this historic occasion:

"The SBA and President Obama supported repealing this provision, which would have required businesses to send 1099 forms for all purchases of goods and services over $600 annually. With this bipartisan effort, we have removed a requirement that would have been an undue barrier to small business growth."

Courtesy of NASE.org
https://www.nase.org/about-us/self-made-nase-blog/self-made/2011/04/15/1099_Additional_Reporting_Law_Repealed_By_Pres_Obama