Businesses seek reprieve from new 1099 rule

08/19/2010 |

Congress will have to revise the 1099 provision included in health care reform legislation, many tax experts say. The rule would require all businesses to file a 1099 for each vendor from which they purchase more than $600 in goods or services during a year. The requirement, which is scheduled to take effect in 2012, would inundate small businesses in paperwork and added expenses, critics warn. According to an NFIB survey, tax paperwork is the most expensive federal paperwork cost for small businesses, and the group sees added burden because of the provision.

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