Senator Baucus To Introduce Bill To Repeal New Form 1099 Requirements

Update: When the bill becomes available, you will be able to find it at this web address.

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Senator Baucus, the Chair of the Senate Finance Committee, issued a press release on Friday announcing that he would introduce legislation to repeal the new Form 1099 requirements.

If you are unfamiliar with these new rules, effective January 1, 2012, persons in business will have to issue Forms 1099 to businesses they pay more than $600 for goods or services during the year. So, for example, if you are in business as a writer and buy a new computer from Apple, you would have to issue Apple a Form 1099.

These new rules are absurd, and it is great news that Senator Baucus has announced that he will introduce legislation repealing these new rules. As soon as the draft legislation becomes available, we will post it here.

About Joe Wallin

Joe Wallin focuses on emerging, high growth, and startup companies. Joe frequently represents companies in angel and venture financings, mergers and acquisitions, and other significant business transactions. Joe also represents investors in U.S. businesses, and provides general counsel services for companies from startup to post-public.
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