On Thursday, President Barack Obama signed legislation repealing the expanded 1099 reporting requirements that were enacted last year. The bill was overwhelmingly approved by the House and Senate. The AICPA had advocated strongly for repeal and AICPA President and CEO Barry Melancon has described the repeal as “a victory for taxpayers.” The increased information-reporting penalties enacted last year were not repealed.

For more information, please refer to the article published in the JournalofAccountancy.com.