Repeal of 'ill-conceived' 1099 rule awaiting President Obama's signature

By Tanya Mannes, UNION-TRIBUNE

Tuesday, April 5, 2011 at 10:33 a.m.

1099 provision

Businesses of all sizes will be required to report all purchases totaling $600 or more per vendor in a year, which is likely to increase accounting costs and paperwork.
Source: National Federation of Independent Business

In a win for small businesses, the Senate has voted to repeal an unpopular new IRS rule that would have required reporting of many more business-to-business transactions on a form known as a 1099.
The Senate voted Monday afternoon to approve the repeal bill passed in the House earlier in March, and the measure now awaits action by President Barack Obama, who is expected to sign it.

Full story here

This should have never gotten passed in the first place.

3 comments:

Woodsterman (Odie) said...: I thought this was already over about a month ago. I guess it was wishful thinking on my part. It affects me big time. The Dems say they are for the little guy, but never miss a chance to screw him over in the "end".; April 12, 2011 at 8:54 AM
Woodsterman (Odie) said...: I forgot to add ... Obama doesn't want to give up the governments ability to further intrude into it's citizen's lives.; April 12, 2011 at 8:58 AM
Supi said...: Odie - Lol. It ain't over until the skinny guy signs.

I hear ya on having "art biz".; April 12, 2011 at 2:13 PM