1099 Reporting Requirements
Most Americans are familiar with Health Care Reform. Wow! What an- uproar I have never seen so many people upset about health care. I guess it was a volcano waiting to erupt. Well it has to be paid for without increasing taxes. One way to pay for this expensive bill is to stick some of it on Small businesses like you and me. Someone has to pay for it. Well that is where the 1099 Reporting Requirement comes in. Most people in congress don't think small businesses are paying their fair share of taxes so in order to make sure small businesses are reporting all their expenses under the Patient Protection and Affordable Care Act (PPACA) this new mandate will require businesses to use Form 1099 to report to the Internal Revenue Service (IRS) all payments to corporations in excess of $600 for goods and services.
According to the NSBA this mandate has nothing to do with health care coverage or reform, and instead was used as an unrelated "pay for" as a way to help the IRS track and collect taxes on income that now goes unreported by enlisting business to help create a paper trail.
This is law but it will not go into effect until January 1, 2012 which means you will have to 1099 all your $600 or more purchases in 2011. The provision would require information reporting on a Form 1099 for all business transactions with a vendor whether incorporated or not, valued at more than $600 and the reporting requirement would be for both services and property. It would apply to payments to any single vendor , it is likely that the number of 1099s filed each year by small businesses could easily exceed 100 million.
Rep. Dan Lungren (R-Cailf) introduced legislation, the Small Business Paperwork Mandate Elimination Act (H.R. 5141), which will repeal section 9006 of the PPACA that requires any business that purchases more than $600 of goods and services from another business to submit a 1099 form to the IRS Let's hope Rep. Dan Lungren can make a difference and Eliminate H.R. 5141.
It really doesn't matter what your political views are if you own your own business you will be affected no if or and about it. This is not about Democrats and Republicans this is about business owners. Who cares what side of the political fence you are on. It really boils down to your business.
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