These rules were scheduled to take effect for payments made after December 31, 2011.
Before the passage of the health care law, payments to corporations were generally exempt from the Form 1099 reporting requirements. The 1099 law just signed by President Obama completely repeals the expansion of business reporting requirements, and the reporting rules return to what they were before health care legislation.
The new law repeals these expanded Form 1099 reporting rules for landlords. As with the repeal for business reporting, it's like the requirements never existed.
Repeal of the expanded business and rental property expense reporting rules will eliminate a flood of paperwork for most small business and rental property owners.