B&Bs likely safe from paperwork burden

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jkarennj

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Hi all...
Just wanted to put something out there for you to all know.
The sweeping healthcare reform bill from last year included a provision that would require all businesses to start submitting 1099 forms for every vendor with whom you spend $600 in a given year...everyone from your handyman to the grocery store. The intent was to improve the accuracy of reportable income for all businesses, but the burden on small businesses in particular would have been awful.
I was in DC last week and visited 9 offices of members of Congress, urging them to repeal that part of the law (among other issues). Looks like it's happenning, as long as the president signs the bill (which most people believe he will).
Whew! Dodged a bullet with this.
http://politicalticker.blogs.cnn.com/2011/04/05/senate-sends-repeal-of-new-form-1099-requirement-to-obama/
Hope all is well.
Jay
 

Tom

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Thanks for letting us know. This is the time of year when we have to remember all the tax regs we should have been remembering all the past year.
 

Copperhead

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Just think of all the paper and all the time would be spent on this. This is a paper nightmare!
I have had several of these forms come to me in the mail, some I have not done business with in years yet they are sending me forms to complete and send back because I am in their system. NOPE. Just because they have paid for a person to stay with me 5 years ago does not warrant my time to do this for the very slim chance they send someone else to me some time in the future. I will complete one if they send someone, not on the off chance they will. Now those I have done business with in the last couple of years and see myself doing more business with them, fine.
Thank you Jay for being our voice.
 

swirt

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Thanks Jay for bringing some light to this and for having some influence on the law.
 

Samster

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I had read in a news feed or something awhile back that the piece affecting small businesses would be repealed. There was an uproar from many organizations.
 
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