The Senate yesterday (Nov. 29) voted on both the Johanns and Baucus amendments to repeal the 1099 reporting requirements.
Despite agreeing that the healthcare law's 1099 filing provision should be eliminated to keep businesses from bogging down in a sea of paper work and additional tax complications a consensus wasn’t reached.
Democrats and Republicans came to stand still and failed to get the necessary 67 votes (2/3 rule) when bipartisan dispute festered over how to move forward without the new tax reporting requirements.
The 1099 issue is an unpopular element of the health care overhaul. This could be the last vote on the 1099 issue this year, leaving only one calendar year before the new 1099 reporting goes into effect.
TSCPA will continue to monitor this issue closely and keep members aware of the latest updates and they become available.