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The Senate voted to reject repeal of the expanded Form 1099 reporting requirements enacted in Sec. 9006 of the Patient Protection and Affordable Care Act.

In general, under current law, information returns must be made to IRS by every person engaged in a trade or business who makes payments for services, aggregating $600 or more, in any tax year to another person (other than corporations) in the course of the payor's trade or business.  Effective for payments made after 2011, Sec. 9006 of the Patient Protection and Affordable Care Act would add payments of amounts in consideration for property and gross proceeds - i.e., it would add payments for goods - to the list of payments subject to reporting.  In addition, it provides that starting in 2012, payments to corporations (that are not tax-exempt) - which had previously been exempt from the reporting requirement - would be subject to information reporting.

Source:  RIA Newsstand 11/30/2010

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