Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Form 1099 changes just need presidents signature
WASHINGTON (4/6/11)--The Senate on Tuesday approved by a vote count of 87 to 12 a bill that would repeal a burdensome extension of Internal Revenue Service Form 1099 reporting requirements. As a "pay-go" effort to offset the cost to taxpayers of the new healthcare reform law, Congress last year extended the 1099-MISC reporting provisions to cover payments for goods valued over $600. Rep. Dan Lungren’s (R-Calif.) H.R. 4 would repeal this extension, and would also repeal an additional Form 1099 rental real estate related reporting requirement. Credit unions and other businesses have long been required to report to the on Form 1099-MISC certain payments of $600 or more that will be considered income by the IRS. Lungren’s legislation, which passed the House with 324 affirmative votes last month, incorporated language authored by Rep. Dave Camp (R-Mich.). Lungren hailed the Tuesday passage of the bill as “a great day for small business owners in (his) district and all across America.” Camp in a release estimated that the tax law change would save taxpayers $20 billion over a 10 year span and would reduce the deficit by more than $166 million over that same time period. The Credit Union National Association earlier this year backed the bill, noting that requiring 1099-MISC forms on goods was extremely burdensome and had questionable value in actually increasing federal revenue. Camp implored President Barack Obama to work with legislators to “find other ways to reduce the heavy burden of federal mandates, regulations and paperwork that take employers’ time, energy and resources away from creating jobs.” President Obama must still sign the bill before it can become law.


RSS print
News Now LiveWire
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
53 minutes ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
1 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
1 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
2 hours ago
.@TheNCUA says its employees report high job satisfaction in the 2014 Federal Employee Viewpoint Survey. http://t.co/1nLUwrEqnA
3 hours ago