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Senate repeals 1099 mandate

This article was originally printed in Numismatic News.
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On Feb. 3 the Senate voted 81-17 to repeal the 1099 reporting requirement mandated by last year’s health care law, said Nicholas Pyle of the Numismatists United for Political Action.

The measure was adopted as an amendment to Federal Aviation Administration Reauthorization Bill.

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Unless repealed, in 2012, firms, including numismatic and precious metals concerns, must file a 1099 tax form for almost any company they buy goods from as well as business-to-person transactions they make aggregating $600 or more in a year.

Action is required by both the Senate and the House, where a House Ways and Means Committee spokesman said Chairman Dave Camp, R-Mich., intended to mark up legislation before the House recesses for Presidents Day weekend.

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