The US Senate on April 5 approved a House-passed bill to repeal enhanced information reporting requirements for businesses and rental property owners, clearing the measure for President Obama's desk after several failed attempts.

In an 87-12 vote, the Senate passed H.R. 4, legislation that had already been approved by the House of Representatives. The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 would repeal the requirement for businesses to submit to the IRS a Form 1099 for payments made to any single vendor for goods and services totaling more than $600 annually and file a copy with the payee, beginning in 2012. The bill would also repeal a similar requirement that took effect Jan. 1, 2011, which requires rental property owners to issue 1099s for payments over $600 to service providers. If signed into law, it will effectively reinstate the prior rules on who must receive a Form 1099. AICPA urged Congress to repeal these rules, citing the impact on taxpayers as extremely burdensome.