November 24, 2010
Bill Would Repeal Form 1099 Income Reporting Requirements for Small Businesses
Senator Manchin Signs on to Support 1099 Repeal in Health Care Reform
Bill Would Repeal Form 1099 Income Reporting Requirements for Small Businesses
Legislation is Also Being Introduced As Stand-Alone Amendment
Washington, D.C.—Senator Joe Manchin has signed on as a cosponsor to S. 3946, legislation to repeal one of the health care reform requirements for small businesses to file their 1099 forms that would report payments made for goods and certain services to the IRS. This legislation is also being introduced as a stand-alone amendment which will be brought up for consideration during the FDA Food Safety Modernization Act.
“Right now, our small businesses are struggling to make ends meet, and this large paperwork burden is the wrong approach to jump-start our economy,” said Senator Joe Manchin. “Small businesses are the lifeblood of our economy—both in West Virginia and across the country. We need to re-examine the entire health care bill and make changes right away—and repealing the 1099 provision which puts an onerous burden on our small businesses is the right way to start.”
Form 1099 indicates how much money businesses pay to corporations and was designed to keep track of tax liability. According to the Senate Finance Committee, after health care reform was signed into law, more business owners became aware of the new paperwork requirements and raised concerns about the resources required in January 2012 to complete the forms, when the policy was set to go into effect. This legislation and the stand-alone amendment, both of which Senator Manchin is cosponsoring, would repeal those provisions to relieve the paperwork burden placed on small businesses and any business which is required to complete a 1099 form.
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Washington, D.C.—Senator Joe Manchin has signed on as a cosponsor to S. 3946, legislation to repeal one of the health care reform requirements for small businesses to file their 1099 forms that would report payments made for goods and certain services to the IRS. This legislation is also being introduced as a stand-alone amendment which will be brought up for consideration during the FDA Food Safety Modernization Act.
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