New Massive Tax Reporting Burden for Small Businesses
The March 2010 health care reform bill includes a new mandate which requires that, by 2012, businesses begin to issue 1099 forms to all vendors to whom they had paid a minimum of $600 during a given tax year. Naturally such a requirement would force many small businesses to devote more hours and manpower (not to mention postage) during the yearly tax filings.
Economists are concerned that the new law will discourage businesses from buying goods and services from a wide array of vendors where they, instead, will consolidate their dealings to a smaller group of regulars.
Exemption: Businesses purchasing goods via credit or debit card are exempt from such reporting requirements as separate measures will be taken to capture such information.
Comment on Rules: The IRS is currently accepting public comment on how to implement the new rules. Comments can be made here.
veterinary technician
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Constance Anderson
I hope this law will help citizens recover the hundreds of millions in unpaid taxes each year that are unreported and unpaid by businesses that deal “under the table.” Any basic accounting software program will allow me to easily issue these 1099s which will make other unscrupulous businesses accountable for paying the taxes that I have honestly paid during my 15 years in business.
tim
Constance: I hope so too. Time will tell its efficacy at gaining back lost tax revenues.
lexus is
Great site! much appreciated.
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