Tuesday's repeal of the expanded Form 1099 reporting requirements passed by Congress in 2010 legislation was welcomed by many on Capitol Hill and is considered a victory for small businesses owners and landlords. The laws would have required businesses to report annual purchases from other companies that totaled over $600. The repealed legislation would have generated millions of forms that may have had little impact on tax revenue but would have created a recording and reporting nightmare for business owners. The repeal that was passed by the House Senate is on its way to the President for his signature and has received praise from the American Institute of CPAs as well as the National Society of Accountants.

For more detailed informaiton about the repeal, click Congress Votes to Repeal 1099 Requirements.