Here’s a chance to speak your mind about the expanded 1099 reporting that got wrapped up in the sweeping healthcare legislation passed earlier this year. The IRS is requesting public comments in order to “implement these changes . . . in a manner that minimizes burden and avoids duplicative reporting.”
Repeal that part of the law (or the whole law, for that matter) and you won’t have to worry about minimizing burden and duplicate reporting.
For those of you who haven’t been following this issue, the new healthcare law requires companies to start issuing 1099s for any person or corporation with whom you do more than $600 worth of business in a year. The requirement goes into affect in 2012. Previously, 1099s were required only for independent contractors. For a full picture of the ramifications for small businesses, click here.
Rep. Daniel Lungren (R-CA) has introduced a bill (H.R. 5141) to repeal the new requirement. His Small Business Paperwork Mandate Elimination Act has been referred to the House Ways and Means Committee.
So, if you don’t want the additional burden of the paperwork this law is mandating, take a few minutes now to voice your opposition of the requirement and your support of Rep. Lungren’s proposed bill.