ABC hails repeal of reporting requirement
The rescinded rule required all businesses submit a 1099 tax form to the Internal Revenue Service for any transactions above $600.
“ABC members are grateful this compliance nightmare is over,” said Geoff Burr, the association’s vice president of federal affairs. “The construction industry is already reeling from significant job loss and with an unemployment rate over 22 percent, more than twice the national average. Adding more bureaucratic layers and costs to an industry under siege would not help facilitate a speedy economic recovery."