DIY Landlords are Getting INCORRECT Information on 1099 Reporting Requirements

I monitor several landlord websites and it is interesting that many DIY landlords are NOT getting the correct information ont he REPEAL of the 1099 reporting requirement in Obamacare. The accounting firm JK Harris & Company gives a great review of what WAS * WAS and NOW IS.

The small business voters when they learned about the requirement for providing ANYONE that they paid more than $600 to in one year a 1099 form * gathering tax id#s, finding their filing status * revolted and there was much discussion about repealing THIS portion of the health care law.

Currently and in the past, real estate brokers and corporations were EXEMPT from this requirement under the IRS reporting regulations.

In April of this year, the 1099 reporting requirement under The Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010 was repealed. This is the portion of the health care law that would be administered by Health and Human Services - NOT the IRS.

As is outlined in JK Harris' information, the OLDER/FORMER requirement for the provision of a 1099 to anyone you pay over $600 to in one year for specific work is still in effect and I am already getting invitations from NEBS to do my 1099 ordering EARLY!

http://www.jkharris.com/tax-resolution-blog/1099-reporting-requirements-repealed-in-april-2011/