The Small Business Jobs Act of 2010 had initially included a provision that would have required owners of rental property to issue Form 1099 to all service providers receiving aggregated payments of $600 or more, such as plumbers, painters, accountants, and attorneys. The repeal of this provision allows rental property owners to avoid this additional reporting requirement.
"The repeal of this provision is welcome news to rental property owners," stated Juliet Urso, Tax Specialist at Reilly, Penner & Benton. "Many rental property owners simply do not have the resources to properly track and prepare these reports. We are pleased the government has chosen to repeal this provision."