Lawmakers repealed the latest 1099 rule changes with enactment of the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.
In a nutshell, this law repeals:
the new 2011 1099 reporting for owners of rental real estate,
the new 2012 1099 reporting of payments to corporations, and
the new 2012 1099 reporting of payments for purchases of property.
The repeal returns the law to the way it was before it was changed by health care reform and the 2010 jobs act.
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