February 4, 2011 =======
While considering the Federal Aviation Administration reauthorization bill, the Senate on Feb. 2 approved an amendment offered by Sen. Debbie Stabenow
Under the health care overhaul approved last year, starting in 2012 businesses will have to issue millions of new tax documents annually as a result of this provision.
NAHB has opposed this rule as a costly and unfair administrative burden — particularly for small businesses; that will be ineffective in raising government revenue.
“Today we provided a common-sense solution for business owners so they can focus on creating jobs, not filling out paperwork for the IRS”, Stabenow said following the Senate vote. “If left unchecked, 40 million small businesses would see their IRS 1099 paperwork increase 2000%.”
Once the Senate approves the broader FAA reauthorization bill (S. 223) — which includes the amendment to repeal the 1099 tax-reporting requirements — the legislation will move to the House for consideration.
In another sign of congressional opposition to this burdensome recordkeeping requirement for small businesses, a stand-alone bill (H.R. 4) recently introduced in the House by Rep. Dan Lungren
For more information, e-mail J.P. Delmore email@example.com at NAHB,