Congress Set to Repeal Costly 1099 Reporting Requirement in Health Care Law

[68fastback]

but not if they don't hear from lots of small businesses pronto...

...yet another turd burried in the Health Care law that needs to be undone asap.

Will be taken up by Congress this Monday, 11-29-10. If you own a small business you may want to send your reperesentatives in Washington a love-gram before Monday urging them to repeal this oppressive BS...

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[Joe G]

I don't understand what this is about.

[68fastback]

I don't understand what this is about.

You know how if you get more than $600 in income from any source, that source has to file and give you a 1099 on that income? Well the authors of the Health Care bill wrote a provision -- that's not limited to the health care tho -- that twists that around the other way -- such that every business will be required to file with the government and issue a 1099 for every vendorfrom whom they buy more than $600 of goods or services in any year. This way, starting in 2012, the Gov could check to see (by matching 1009s to income) that the vendors are actually reporting and paying taxes on all corresponding sales to all those businesses -- essentially using business-A to 'turn-in' business-B rather than relying on business-B to truthfully file their income tax (as in the past). Problem is that many small businesses buy from hundreds (or even thousands) of vendors and all of those would require filling a 1099 with the Gov't and issuing them 1099s individually in January (25th??) every year ...a big burden for some businesses.

[Joe G]

That would suck!!!


As a small biz doing everything ourselves, BVMP deals with dozens of vendors. Having to do a 1099 with each of them would blow!!


Ok... now I'm mad.

[68fastback]

...that's the spirit !!

[Birdman]

That would suck!!!


As a small biz doing everything ourselves, BVMP deals with dozens of vendors. Having to do a 1099 with each of them would blow!!


Ok... now I'm mad.

Yet another bit of congressional bureaucracy and policy which adds undue burden's and cost's to small businesses further eroding their profit and discouraging job growth.


"We'll have to pass the health care bill first so you can find out what's in it" .......Nancy Pelocy 2010

[Gr8snkbite]

Nancy SUCKS

[Black Vert SS]

Just the governments way of making sure everyone reports their income. No more under the table deals. Everything has to be reported.

[Little Debbie]

true dat. before there was no reporting. now there'll just be a paper trail on that end. nothing like keeping people honest by forcing them to be.

[ati]

Just the governments way of making sure everyone reports their income. No more under the table deals. Everything has to be reported.

Thats the way obama and the Dems do business every day.