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Aspen Office
400 East Main Street
Aspen, CO 81611

Carbondale Office
0326 Hwy 133, Suite 200
Carbondale, CO 81623



1099 REPEAL SIGNED

With all the negative press swirling around Washington we do have some good news to report: The onorous “1099 reporting requirements” that had been enacted in 2010 and 2011 have now been repealed.

On April 14, 2011, President Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 to rescind a host of new Form 1099 information reporting requirements that had been included in two different pieces of tax legislation.

Had the provisions not been repealed, businesses would have been required to issue a Form 1099-MISC to corporations as well as non-corporate entities for the purchase of any tangible goods and services over $600. The now repealed requirements were initially included as a funding measure for the health care bill by reducing un-reported and under-reported income that would otherwise be taxable. However, small firms and self-employed individuals voiced concerns that the requirement would bury them in paperwork.

In addition, the law also repeals the expanded Form 1099-MISC reporting that required individuals who receive rental income from real estate to report rental property expenses on Form 1099-MISC.

While there are still 1099 reporting requirements, they are essentially the same ones that have been in place for a number of years now. This is definitely good news for small businesses and rental property owners as the previously enacted legislation would have created a significantly increased paperwork burden on taxpayers who are largely compliant.

Please give us a call if you'd like to discuss how these changes affect your business. We'd love to hear from you.




Reese Henry & Company, Inc.
400 East Main Street Aspen, CO 81611
970.925 3771

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