Victory for Small Business: Congress Passes 1099 Repeal
According to an April 5, 2011 article by The National Federation of Independent Business (NFIB), the Senate has passed a repeal of the IRS Form 1099 reporting requirement.
“Small businesses have been struggling to come up with a way to account for this burdensome tax reporting mandate, and it has been the top priority of NFIB to see it repealed,” said Susan Eckerly, Senior Vice President of Federal Public Policy at NFIB. “NFIB and its members are glad to finally see this ill-conceived rule removed from the books by Congress.”
According to the article, “The 1099 tax reporting rule was included in the passage of the Patient Protection and Affordable Care Act last year. It was criticized by lawmakers from both parties in both chambers of Congress and the White House as being an over-burdensome paperwork mandate placed on small businesses.”
The NFIB continue that the bill “would have required small businesses to file Form 1099 for every business-to-business transaction totaling over $600. The requirement, intended to capture lost tax revenue, would have placed the burdensome requirement on small businesses of not only reporting on their own income, but also the income of their vendors.”
To read the entire article or learn more about the NFIB, check out the following link: