GOP Senator Calls for Rollback on New Form 1099 Requirements

GOP Senator Calls for Rollback on New Form 1099 Requirements

Sen. Mike Johanns, R-Neb., on July 26 called on Congress to roll back an expansion of Form 1099 information reporting requirements included in the recent healthcare reform law...

Johanns recently introduced S. 3578, the Small Business Paperwork Mandate Elimination Act, which would repeal the new Form 1099 language...

Under the Patient Protection and Affordable Care Act (P.L. 111-148), starting in 2012, corporations must file a Form 1099 for payments for goods or services to a single business totaling more than $600 annually.

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Small-business owners have said that the new requirements would result in burdensome paperwork and add to compliance costs. Johanns cited the recent midyear report from the national taxpayer advocate that estimated that almost 40 million previously exempt businesses would now have to report their business-to-business transactions under the healthcare law.

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View Meg Shreve's article in its entirety on TAX.com.