1099 Law Repealed

This is in regards to a previous post called “New 1099 Regulations”. The law has been repealed (as many people had hoped for). No longer will companies have to issue 1099 forms to all firms that they pay over $600 for goods and services (whether or not they are incorporated). However, the current law still stands that a 1099 needs to be issued when $600 or more is paid to an unincorporated company for a service.