Most business owners should cheer that the House voted to repeal this reporting requirement for businesses that was slated to take effect in 2012. The Senate is on board with the repeal as well but the issue is how the estimated revenue from this reporting requirement will be replaced. In my opinion this reporting change resulting from Obamacare will be repealed.
That aside, if you want to see the inefficient waste that goes into the process of repealing this one provision, take a look at the site below. Incredible!
House, Senate Disagree on 1099’s
This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.
