The White House announced that President Obama signed H.R. 4, Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. This law eliminates the requirement to file Form 1099 for sales more than $600.
The Form 1099 filing requirement was seen as a serious burden for small businesses. Since the vast majority of numismatic dealers are small businesses, it would have create a serious problem for the entire industry. Now that it is law, the reduction in paperwork and the reduced burden on numismatic dealers and other small businesses should be a relief.