Newsroom

Back to the Newsroom
March 03, 2011

House clears 1099 relief measure

March 4, 2011 – The House voted 314-112 Thursday to pass H.R. 4, a NAFCU-supported bill that would repeal a pending expansion of 1099 reporting beginning Jan. 1.

Dan Berger, NAFCU's executive vice president of government affairs, wrote House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif., the day before the vote to urge action.

"Credit unions and other small businesses are the backbone of America's economy and should not be hampered by onerous new regulations that will require significant amounts of time and resources to comply with," he wrote. "NAFCU supports the passage of H.R. 4 to repeal this needless tax compliance burden."

The reporting provision, included in last year's health-care reform law, will require all small businesses, including credit unions, to send a 1099 form to vendors from whom they purchase at least $600 in goods and services; a copy will have to be sent to the IRS as well.

The proposal to repeal this reporting expansion has the support of the White House and bipartisan support in the House and Senate. House Ways and Means Committee Dave Camp, R-Mich., on Thursday urged the Senate to swiftly take up and clear the measure.

Related Resources

Complete NAFCU Credit Union Compliance Advertising Guide

Guides
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market.  Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public

Gallagher Executive Compensation and Benefits Survey

preferred partner
Gallagher
Webinar

AI in Action: Redefining Disaster Preparedness and Financial Security

Strategy

preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public

2024 Mid-Year Fraud Review

Strategy & Growth, Consumer Lending

preferred partner
Allied Solutions
Podcast