H.R. 4, known as the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011, repeals a requirement that small business owners, farms, and ranches file an Internal Revenue Service Form 1099 for all payments, including goods and as well as services, totaling $600 or more in a calendar year for each vendor.
The government planned to tax revenues reported on 1099 forms in order to raise money to fund health care reform.
—FromWUD Weekly Update
