IRS reporting law repealed
A law that required dentists and other small business owners to report on 1099 tax forms any transactions with vendors of at least $600 has been repealed.
President Obama signed the repeal after Congress voted to strike the provision that was included in the Patient Protection and Affordable Care Act scheduled to take effect in Jan. of next year.
Originally intended as a measure to generate an estimated $19 billion in federal revenue over the next decade, the provision was criticized for its “onerous” administrative burden on small business owners.
The American Dental Association urged the administration to repeal the reporting requirements that had the potential to “unnecessarily increase the cost of providing dental care.”