Wednesday, September 15, 2010
The Senate yesterday rejected attempts to repeal or reform the 1099 reporting requirements from ObamaCare. The Senate defeated (52-46) an amendment by Sen. Mike Johanns (R-Neb.) to repeal the requirement that businesses report all transactions in excess of $600 to the IRS. The Senate defeated (61-37) an amendment by Sen. Bill Nelson (D-Fla.) to raise the reporting requirement to $5,000 and exclude businesses with fewer than 25 employees.