1099 Reporting Requirements have changed

On April 5, 2011, Congress passed the 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. Of particular importance is the elimination of Form 1099 reporting requirements for businesses and owners of rental properties from issuing Form 1099's to virtually anyone (individuals or corporations) for which payments for goods and/or services exceeded $ 600.00 per year.  This incredibly burdensome requirement was to have been effective January 1, 2012.  The legislation faced fierce opposition from CPA's, State Societies of CPA's, and the American Institute of CPA's.