In a bi-partisan 87-12 vote, the Senate just approved H.R. 4, a bill that would repeal the very unpopular 1099 provision of the health reform legislation. The House had previously approved the bill by a vote of 314-112, so now it goes to President Obama for his signature.

This provision would have required employers, beginning next year, to issue 1099s to any vendor that they pay more than $600 during the tax year. This would be a drastic change to what 1099s have historically been used for, which is to report payments to contractors – people who perform a service for your company but are not on the payroll.

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