More On Tax Planningfrom The Advisor's Professional Library
- IRAs: Eligibility The eligibility rules for contributing to traditional and Roth IRAs are complicated. Learn how to effectively use them in retirement plans.
- Long Term Care Insurance: Premiums While premiums for qualified long-term-care insurance may be deductible as medical expenses there are exceptions to this general rule. Learn how to avoid unnecessary tax liabilities.
President Barack Obama on Thursday signed into law H.R. 4, legislation repealing the requirement under the Patient Protection and Affordable Care Act (PPACA), that all employers file separate 1099 forms with the IRS beginning in 2012 for any payments to vendors in excess of $600, not just to independent contractors.
“Today, I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law,” said Obama in a statement. “Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork.”
Dave Camp, R-Mich., chairman of the House Ways and Means Committee, said in a statement the same day, “After nearly a year-long battle to repeal the onerous 1099 provisions enacted by Democrats, I am pleased the President has now signed their repeal into law.”
With Tax Day occurring Monday, Camp said, “small businesses can finally breathe a huge sigh of relief that one of the many burdens the Democrats’ health care law would have placed on them has been repealed.”