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May 2010
Small-Businesses Face Potential Avalanche of Form 1099 Paperwork
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WASHINGTON, D.C. – According to recent news reports, a provision contained in the new health care reform law could leave small businesses facing a deluge of additional tax paperwork. The website stopform1099.org explains that beginning with payments made in 2012, every business will be required to issue to a 1099 to any vendor of services OR property to which the business has paid more than $600 a year for those services or property.
U.S. Representative Daniel Lungren (R-CA) has already introduced legislation to repeal the requirement - H.R. 5141, The Small Business Paperwork Mandate Elimination Act.
To learn more, visit www.stopform1099.org.
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