The IRS has requested comments on the expansion of 1099-MISC reporting beginning in 2012 under the Patient Protection and Affordable Care Act of 2010 (PPACA), which expands reporting to corporate payees and includes payments of “gross proceeds” and “amounts in consideration for property.” Unfortunately, the proposed legislation that would repeal or limit the scope of the provision did not get the necessary votes to be included in the Small Business Jobs Act of 2010 that is currently under consideration in Congress and is anticipated to be enacted in the near future.
We are considering drafting a comment letter for our interested clients that will focus on substantially limiting the scope of these changes to significantly reduce costs and burdens and providing ample transition relief. Please view the memo for further details.
