Loading ...Senate To Vote On Form 1099 Repeal
On Monday, November 29, the Senate is expected to vote on proposals to repeal the new Form 1099 reporting requirements. As a result of the new health care law, beginning in 2012, all businesses will be required to complete IRS Form 1099 for any vendor from which it purchased more than $600 in goods or services in a year and send that form to both the IRS and the vendor. While the stated purpose of the requirement is to improve compliance and raise revenue, the reality is that this reporting requirement will place a tremendous burden on small businesses.
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One Response to Senate To Vote On Form 1099 Repeal
This will put me out of business because of the paperwork involved. I am a 1 person business.