Senate considers revising 1099 requirement for small businesses

08/9/2010 | WebCPA

The Senate has proposed a number of amendments to the Small Business Jobs Act that would revise reporting requirements for small businesses under the health care reform act. Under the new health law, small businesses must report the purchase of goods and services worth more than $600, starting in 2012. Senate Majority Leader Harry Reid, D-Nev., and Sen. Bill Nelson, D-Fla., have proposed raising the reporting level to $5,000 and compensating for the loss of revenue by eliminating certain tax cuts for the largest oil companies. Sens. Mike Johanns, R-Neb., and Blanche Lincoln, D-Ark., favor repealing the extra 1099 requirement entirely.

View Full Article in:

WebCPA

Published in Brief: