The Small Business Jobs Act of 2010 (aka SBJA) enacted by President Obama in September, 2010 and the 2010 Patient Protection and Affordable Care Act (health care reform aka PPACA) both contain new 1099 reporting requirements that affect landlords. These two laws expanded IRS Form 1099-MISC reporting requirements – the SBJA dealing with landlords and services / service providers and the PPACA dealing with landlords and goods.
Landlord 1099 relief gets a step closer
CNN reports that the Senate today passed legislation known as the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (that’s a mouth-full) to reform the burdensome changes implemented in the Small Business Jobs Act of 2010 (aka SBJA) and the 2010 Patient Protection and Affordable Care Act. The law now … Read more