Posted: 11/16/2010
NAMIC Continues to Fight New 1099 Requirements in Healthcare Law
Contained within the healthcare legislation passed into law earlier this year is a highly controversial tax provision that would place undue new burdens on already struggling American businesses. Under the new law, any business expense to a single vendor totaling more than $600 for the year will require the filing of a 1099 form with the Internal Revenue Service starting in 2012. Instead of filing just for expenses paid to unincorporated entities, the new law would apply to everyday business expenditures like phones, internet providers and office supplies. The last thing that our nation’s businesses need is the expense of more red tape from Washington.