In April, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (2011 Taxpayer Protection Act). Previously, the Patient Protection and Affordable Care Act (PPACA) required businesses, charities and government entities to file information returns (Form 1099) for all payments of $600 or more in a calendar year to a single vendor, other than to a tax-exempt vendor, made after December 31, 2011. The PPACA also repealed the long-standing reporting exception for payments made to corporations. The Small Business Jobs Act of 2010 (2010 Small Business Jobs Act), required landlords to file a Form 1099 to report certain rental property expense payments of $600 or more in conjunction with their rental properties. Reporting under the 2010 Small Business Jobs Act was mandated for qualified payments made after December 31, 2010. The new law repeals these reporting requirements as if they had never been enacted.
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