The U.S. Senate passed a bill April 5 that would repeal PPACA’s 1099 tax reporting requirement. The measure benefited from bipartisan support, passing on an 87-12 vote.
Under the reporting requirement, businesses would have to file a 1099 form for any person or company to whom they paid more than $600 in a tax year. It was slated to raise nearly $21 billion over 10 years by making it easier for the IRS to identify and pursue those who failed to report the required information.
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