The President’s recent repeal of expanded 1099 requirements that fell under the Patient Protection and Affordable Care Act and the Small Business Jobs Act results in the 1099 rules to continue as they were and unchanged according to IRC §6041(a):
"All persons engaged in a trade or business and making payment in the course of such trade or business to another person" of $600 or more must report the amount and the name and address of the recipient to the IRS and to the recipient. The Code applies this requirement to payments of "rent, salaries, wages, premiums, annuities, compensations, remunerations, emoluments, or other fixed or determinable gains, profits, and income," and the Treasury regulations add, "commissions, fees, and other forms of compensation for services rendered aggregating $600 or more" as well as interest (including original issue discount), royalties and pensions (Treas. Reg. §1.6041-1(a)(1)(i)).
Expansion of these requirements had come through the Patient Protection and Affordable Act and The Small Business Jobs Act. Advocating against both provisions was the AICPA. AICPA President and CEO Barry Melacon described the repeal as "a victory for taxpayers."