Jewelers will not be required to file Form 1099 for ransactions for urchase of goods.
April 5, 2011, the U.S. Senate repealed a provision that would have required businesses to file IRS Form 1099 for any vendor to which they pay more than $600 annually. Jewelry associations urged legislators to repeal the regulation.
The Senate passed H.R.4, "The Small Business Paperwork Mandate Elimination Act of 2011," by a vote of 87-12. President Obama signed the bill into law.