It’s Worth Repeating- Burdensome New 1099 Rule has been Repealed

As we gear-up for the arduous task of multiple year-end reporting, it is important to remember that President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act, on April 14, 2011.  This repeal eliminates previous rules that would have made 1099 reporting a burdensome task.

While this is great news, it does not relieve us of the responsibility to still report payments of more than $600 in a calendar year to an unincorporated independent contractor for services rendered.

If your institution does not have a copy of InfoEd Global’s Form W-9 on file, please contact Michael Greenfield, Director of Finance.

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