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Tue September 14, 2010
1099 Forms Rejected By Senate
By Bob Beck
Laramie, WY – The United States Senate has defeated an attempt to repeal a provision in the health care reform law. The provision requires businesses to fill out a tax form called a 10-99 every time a transaction of 600 dollars or more is made by a business. The requirement is intended to increase tax revenue to help pay for the health care law. But many small business groups say it will require thousands of dollars in additional accounting. Wyoming Senator Mike Enzi is among those trying to repeal the measure and he spoke about it on the Senate floor .
"The provision I am referring to will require business owners to submit onerous and duplicative 1099 forms for every single business to business transaction above $600," says Enzi. "This includes utilities, office supplies, construction materials there are ways to audit this anyway."
Enzi says even the Internal Revenue Service will have to hire extra employees to handle the paperwork. Even though the attempt to remove the provision failed this time, Enzi says he will continue to work on the issue.