The U.S. Senate has passed H.R. 4, that includes the repeal of the expanded 1099 reporting requirement included in the Patient Protection and Affordable Care Act.
The health care law mandated that, beginning in 2012, businesses would have to file a 1099 to ALL Vendors, both incorporated and unincorporated, to which they pay at least $600 annually for goods and services.
The president is expected to sign the measure to remove the requirement from the Health Care bill H.R.3590. However, it is only a partial and possibly temporary victory. The president has included a portion of the requirement in his budget that is currently being debated in Washington
It’s time this Administration gets serious about helping small businesses by eliminating other oppressive taxes affecting small business, such as the 3% Withholding tax on all Federal Construction Contracts and the business killing Estate Tax that puts many businesses out of business resulting in jobs lost when the heirs of an estate involving a business have to cut back operations or close the business just to pay the Federal Tax.
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