Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Obama signs 1099 extension repeal
WASHINGTON (4/18/11)--President Barack Obama late last week signed into law legislation that repeals an extension of Internal Revenue Service Form 1099 reporting requirements that was approved last year. The extension, which was approved as a "pay-go" effort to offset the cost to taxpayers of the new healthcare reform law, would have extended existing 1099-MISC reporting provisions to cover payments for goods valued over $600. Credit unions and other businesses have long been required to report on their Form 1099-MISC certain payments of $600 or more that will be considered income by the IRS. The Credit Union National Association has backed the repeal, noting that requiring 1099-MISC forms on goods would have been extremely burdensome and had questionable value in actually increasing federal revenue. Rep. Dave Camp (R-Mich.), who sponsored an early version of the bill, 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.


RSS





print
News Now LiveWire
Which Children's Miracle Network Hospital is the winner of @CUDirect's 20 for 20 grand prize? Find out Tuesday.
5 hours ago
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
8 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
8 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
9 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
9 hours ago