Earlier this year, I reported on the new reporting requirements for forms 1099 under The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act. The rules have been heavily criticized in the press but we haven’t heard much from Washington. There’s an update (sort of) on the progress (or lack thereof). You can catch it here at ÆtherCzar.
If this burden isn’t repealed I suggest everyone send a copy of each of the 1099’s they file, in separate envelopes, to their representative and senator.
TaxGirl,
Re: the ill-thought out 1099 reporting legislation, at least our Government gives us enough time from the signing of the law to the implementing date, so us citizens can rise up in protest. Like Dan Rostenkowski being chased down the streets of Chicago in 1989 over the ill-thought out Catastrophic Healthcare legislation, we may have to chase our legislators until they repeal (which I think they will) this mistake.
Jim H.
As a small business owner and a tax professional, these requirements will kill a lot of small business owners. Many of them can barely keep up with the required paperwork now.
Only our government would dramatically increase the workload for small business owners and then claim they are small business friendly.
Even though it will probably cause a lot of revenue to come my way in helping clients deal with this, it is a rule they need to repeal, destroy, etc.
Small business owners need things to be easier not harder. They drive the economy.
What about my personal or corporate information. Is it safe in a small business accounting department where the books are hand kept or in a large corporate office such as GM (that is Government Motors). Identity theft is now out of control and this will only offer the crooks a field day.
As for above comments, JG, a good idea, and will help the post office counter some loses.
For Scott, as a small business, and one that files paperwork, I disagree. I use a damn good accounting system so all records are readily availble and easy to file. Outside of quarterly filings, i do not do much paperwork except for April 15 taxes. This rule will create more work, and I am sure all comemrical programs will add features to help on this. The question is really will this cause more honest reporting on costs to justify the paperwork. As you know, false expense reporting and unreported income are serious issues and it makes honest filers like me quite mad.