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Senate Votes to Repeal Controversial 1099 Provision
The bill to repeal this widely unpopular provision, which would have required small businesses to report to the IRS all payments above $600, now awaits President Obama's signature.
Posted 4/ 8 11 at 2:00 PM | News, Taxes & Accounting, Government Services
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A A AAfter months of controversy and debate in Congress, the Senate voted Tuesday to repeal the 1099 provision that was passed last year as part of the Affordable Health Care Act. Having been appealed by the House in early March, the bill now awaits President Obama's signature, which is expected to happen without delay.
Small-business advocacy groups, such as Small Business Majority, considered the provision, which would require small businesses to report to the IRS all payments of more than $600 on 1099 forms, a burden on bookkeeping and an unnecessary use of small businesses' time and resources. With the exception of the 1099 provision, The Affordable Health Care Act has been touted as a positive piece of legislation for small businesses, with benefits such as expanded coverage options, lower costs of providing insurance to employees and a tax credit already in effect.
To read more about what the Affordable Health Care Act means for your business, check out this breakdown of the legislation at WhiteHouse.gov.
Small-business advocacy groups, such as Small Business Majority, considered the provision, which would require small businesses to report to the IRS all payments of more than $600 on 1099 forms, a burden on bookkeeping and an unnecessary use of small businesses' time and resources. With the exception of the 1099 provision, The Affordable Health Care Act has been touted as a positive piece of legislation for small businesses, with benefits such as expanded coverage options, lower costs of providing insurance to employees and a tax credit already in effect.
To read more about what the Affordable Health Care Act means for your business, check out this breakdown of the legislation at WhiteHouse.gov.
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