September 15, 2014
September 14, 2014
September 13, 2014
Repeal of Expanded Tax Information Reporting Requirements Under PPACA and Small Business Jobs Act of 2010
On April 14, 2011, President Obama signed legislation that repeals the expanded Form 1099 reporting requirements under the Patient Protection and Affordable Care Act (PPACA) and the Small Business Jobs Act of 2010.
The new legislation eliminates the requirement to expand tax information reporting, beginning in 2012, for payments in excess of $600.00 either (i) for the purchase of goods or merchandise; or (ii) made to a corporation, on Forms 1099-MISC. The legislation also eliminates the requirement that recipients of rental income from real estate, but who are not otherwise considered engaged in the trade or business of renting property, be required to issue Forms 1099-MISC reporting payments of $600.00 or more that are made in the course of earning the rental income (for payments to a service provider, such as a painter, plumber, or accountant). Before the enactment of PPACA, payments under each of these circumstances, or to these categories of recipients, would generally have been exempt from the tax information reporting rules under Section 6041(a) of the Code and the Regulations thereunder.
<span class="advertise"> Advertisement </span>
- Employer Shared Responsibility Payments and Reporting Requirements Under the Affordable Care Act: Code Sections 6055 and 6056
- Indian Nations Law Focus–September, 2014
- First Circuit Affirms $50 Million Tax Refund for FCA Settlement Payments
- The Affordable Care Act—Countdown to Compliance for Employers, Week 16: So What, Exactly, is an “Offer of Coverage”?
- D.C. Circuit Court of Appeals Agrees to Hear Halbig ACA Case Before Full Court
- Full D.C. Circuit to Rehear ACA Premium Tax Credit Case