Tuesday, November 16, 2010

Top Democrat Seeks Small Business Tax Form Repeal - FoxSmallBusinessCenter.com

A top Democrat in the Senate on Friday pledged to repeal a provision of the new health-care law that requires businesses to file tax forms on transactions of more than $600. Do they or Don't they????? Know what the heck they are doing that is. First someone thinks up this business buster of a bill, then someone writes the thing and it passes. Everyone claps and goes home for a vacation or whatnot. Behold, later when it is disclosed what is actually in the bill the Dems decide to rework the piece of junk, amendment, by amendment. Our government is too big. The same will come to light with the Obamacare, once people realize that it will cost too much and will lead to rationed care for some and none for others.

Obama last week said that he would fight any attempt to repeal the legislation, but would be willing to consider some Republican ideas. He suggested the two sides work together to change the new business transaction reporting requirement.

The provision in the health care bill requires businesses and tax exempt organizations to file so-called 1099 forms for purchases and service transactions over $600. It was intended to ensure greater tax law compliance and raise an estimated $17 billion in revenues over 10 years to help cover the cost of expanding health coverage to the uninsured.

The 1099 reporting requirement, which goes into effect in 2012, sparked an outcry from small business groups. They argue it will increase tax compliance costs and tie up small business owners in red tape while they are already struggling in a poor economy.

No comments:

Post a Comment

all comments will be signed to be published