“President Barack Obama has signed the first rollback of last year’s healthcare law, a bipartisan repeal of a burdensome tax-reporting requirement that’s widely unpopular with businesses.” The law repeals a requirement established by the Affordable Care Act for businesses and landlords to file a Form 1099 document with the Internal Revenue Service for purchases of goods and services exceeding $600 a year.

The DOL, HHS, and IRS issued Part VI of the FAQs regarding implementation of the market reform provisions of the Affordable Care Act and focus on grandfathered health plan provisions of health care reform. For simplicity, only the questions are included below. You may view the government’s response here or read our previous blog articles regarding FAQs Part I, Part II, Part III, Part IV and Part V.

On April 5th, the US Senate voted to repeal the 1099 reporting provision that was included in the Affordable Care Act. Since the US House of Representatives already passed the bill on March 3rd, it now awaits the signature of President Obama. It is expected that the President will sign the bill into law.