April 18, 2011

Excellent news: late last-week, President Obama signed into law the REPEAL of the requirement under PPACA that, effective January 1, 2012, employers would have to report to the IRS any purchase of goods or services pertaining to a single transaction for any amount greater than $600.00.  Therefore, your organization need not concern itself whatsoever with the (prospective) changes in the IRS Form 1099 regulations œenacted by this provision going forward. 

Further reading regarding this matter can be found in the following article:

http://www.reuters.com/article/2011/04/14/us-usa-taxes-healthcare-idUSTRE73462D20110414

As always, please feel free to contact our office with any questions!

Best Regards,

Michael J. Cramer, J.D.
Compliance Officer, Beneflex Insurance Services, Inc.