On April 14, 2011, President Obama signed legislation – the “Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011” – repealing expanded reporting rules for businesses and landlords that had been created by laws passed in 2010.
* Business reporting:  The Form 1099 reporting rules were changed by the 2010 health care legislation. Under the “Patient Protection and Affordable Care Act of 2010,” every business, charitable organization, and governmental unit was required to file a Form 1099 for payments to any vendor or supplier of goods or services (other than a tax-exempt organization) totaling $600 or more for the year. Both the vendor and the IRS had to receive a copy of the Form 1099. 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 law just signed by President Obama completely repeals this expansion of business reporting requirements, and the reporting rules return to what they were before health care legislation. 
* Rental property reporting:  Similarly, new Form 1099 reporting requirements were recently imposed on landlords. Under the “Small Business Jobs Act of 2010,” owners of rental properties were generally required to file a Form 1099 for rental-related payments to any provider for services totaling $600 or more for the year. These reporting rules were to be effective for payments made after December 31, 2010.
The new law repeals these expanded Form 1099 reporting rules for landlords.  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.   “Small business can breathe a sigh of relief after the repeal of the expanded 1099 requirement.  The repealed legislation was set to increase the compliance burden of every business, including corporations, with which more than $600 was transacted,” says Kevin Aaron, Tax Specialist with Simons Bitzer & Associates, an Indianapolis based CPA firm.