[OSSSA218] Fwd: 1099 Repeal

[Karen PARK]

FYI

Karen Park

Oregon State Social Security Coordinator
Oregon PERS
503 603-7633
karen.park at state.or.us

SL2

Please note my office hours are Monday thru Thursday 6 am to 4:30 pm


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>>> "Marshall KayDel D" <KayDel.Marshall at irs.gov> 4/20/2011 2:08 PM >>>

FYI - IRS.gov posted info on the repeal of new 1099 requirements
 
http://www.irs.gov/govt/fslg/article/0,,id=238635,00.html
 
 
  Repeal of Expanded Information Reporting Requirements
 
The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 
eliminated new information reporting requirements that were created by previous legislation.
The Patient Protection and Affordable Care Act of 2010 expanded information reporting to include payments to 
corporations, “amounts in consideration of property,” and “other gross proceeds” made in the course of a trade or 
business (including operation of a governmental entity), beginning in 2012. The new law repeals these requirements. 
You are not required to file Form 1099-MISC for these payments for any year.
Existing information reporting requirements remain in effect. Payments of $600 or more for nonemployee 
compensation made in the course of a trade or business are generally required to be reported on 
Form 1099-MISC. Certain payments to corporations are required to be reported. 
See the Instructions for Form 1099-MISC for more information.
The Small Business Jobs Act of 2010 provided that anyone receiving rental income from real estate would be 
treated as receiving income from a trade or business of renting property; therefore, information return requirements 
applicable to small businesses would be in effect. This provision also is repealed; you are not considered to be
in a trade or business solely because you receive rental income. See Publication 527 for more information on 
rental income and expenses.


KayDel Marshall 
Senior Stakeholder Liaison
Small Business & Self-Employed C/L/D
100 S.W. Main Street, Suite 1200
Portland, Oregon 97204
ID#1000843166                                                                                                                                                                                                                                                                                                                                                                                  
503-415-7141/503-473-3694
Got Tax Questions?  Watch Videos & Get Answers on the IRS Video Portal 
http://www.irsvideos.gov/
                   
 
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