New York (April 5, 2011) – The following is a statement by AICPA President and CEO Barry Melancon congratulating Congress on its April 5 repeal of information reporting requirements placed on businesses and rental property owners.
“Today’s overwhelming vote by the Senate to repeal onerous information reporting requirements is a victory for taxpayers. The AICPA had advocated strongly for the repeal of these reporting requirements because the increased burden on taxpayers and the time consuming process the IRS would have to use to reconcile millions of forms is too costly. We urge the President to quickly sign the repeal legislation into law.”
Expanded taxpayer reporting requirements under the Patient Protection and Affordable Care Act and the Small Business Jobs Act of 2010 are lifted by H.R. 4. If signed into law by President Obama, taxpayers will not have to report payments of $600 or more to corporations and/or for the purchase of property, and rental property owners who are not “engaged in a trade or business” and who make annual purchases from a vendor worth $600 or more will not have to issue 1099 forms. H.R. 4 passed the U.S. House of Representatives on March 3.