Baucus to Seek Repeal of Form 1099 Small Business Reporting Rules

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Senate Finance Chairman Baucus announces that he plans to introduce legislation to repeal the more stringent Form 1099 reporting requirements that he originally drafted and voted for in the health care reform law. The Form 1099 requirements, signed into law as part of the Patient Protection and Affordable Care Act, mandate that all businesses file an information return for any payment totaling $600 or more in a calendar year to a single payee beginning in 2012.