1099 Tax Form Requirement Repealed

Yesterday the U.S. Senate repealed the 1099 tax-reporting requirement for transactions totaling $600 or more a year that had been included in the sweeping healthcare legislation passed last year.

The bill now goes before the President, who is expected to sign.

Rob Green, executive director of the National Council of Chain Restaurants, said,

This bipartisan vote has been long overdue. We look at 1099 as being a significant issue, and one that should have been done more quickly. But the process worked and it has finally cleared Congress. — NRN

Franchisees and franchisors alike expressed relief that the paperwork-generating, time-eating requirement had been lifted.

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