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Home Health & Hospice Week

Industry Notes:

Campaign To Repeal New 1099 Tax Reporting For Small Biz Continues

Published on Tue Jan 18, 2011

The campaign against new 1099 reporting rules continues. The House Committee on Small Business held a Feb. 9 hearing on the new requirement, which was part of the Affordable Care Act. Background: The Internal Revenue Service currently requires businesses to issue a Form 1099 to individuals or unincorporated businesses paid $600 per year for services rendered, notes Rep. Nydia M. Velázquez (D-NY), ranking member of the Small Business Committee, in a release. "The Affordable Care Act (ACA) law enacted last year expanded 1099 reporting significantly. Businesses will soon be required to report payments for goods, as well as services. The new law also extends the 1099 obligation to transactions between businesses, as opposed to limiting requirement to payments to individuals." Congress needs to repeal the requirement well before it goes into effect in 2012, small businesses say. That's because they already are incurring expenses to prepare for it. Stay tuned: [...]
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