Wed, November 17, 2010
Baucus Seeks Repeal Of Form 1099 Requirements For Small Businesses
Kay Bell, over at Don't Mess With Taxes, notes that Senate Finance Committee Chairman Max Baucus has announced his intention to file legislation repealing the portion of the Patient Protection and Affordable Care Act that requires small businesses to file Forms 1099 for most purchases totalling $600 or more. According to the Senate Finance Committee website, Baucus has gotten an earful from small business owners: "“Small businesses are the backbone of our economy in my home state of Montana and across the country, and they need to focus their efforts on creating good-paying jobs – not filing paperwork." While it would have been nicer if Congress had considered the effects of the provision on its constituents prior to making it law, it will still be a great help to small businesses if Baucus' efforts are successful.