Friday, January 21, 2011

Three Democrats Urge Repeal of 1099 Provision

Three Democratic senators have sent House Speaker John Boehner a letter urging the House to quickly pass a measure that would repeal the controversial 1099 reporting requirement in the Patient Protection and Affordable Care Act.

The provision requires businesses to file a 1099 Form with the Internal Revenue Service for every vendor with whom they have at least $600 in transactions.

Sens. Ben Nelson of Nebraska, Maria Cantwell of Washington and Amy Klobuchar of Minnesota wrote to Boehner:
The change is particularly onerous for small businesses, our nation's engines of growth, who cannot afford to employ extra lawyers and accountants to comply with the new rules.

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