Best Practices Blog

New tax reporting requirements bad for business

Typically, I’ve used this blog as a forum for sharing insights into developing custom software. Today, I’m deviating from that and asking you to take action in another way to help your business and all businesses.

With the passage of the health care reform act (H.R. 3590), there was a hidden bit of legislation tacked onto the bill. Section 9006 changes tax reporting requirements for all businesses in the U.S. This requirement will force companies to request W-9s and to produce and file a 1099-Misc for all expenses equal to or greater than $600 per year, cumulatively, with any vendor or retailer.

This would not just include the standard contract laborers, but all providers of services or goods. That includes Staples, Sam’s Club, Delta Airlines and FedEx for example. This would increase the amount of 1099s to be filed by many, many times for all businesses.

I feel–as I hope many of you do–that this requirement is excessive and especially hurtful to small business at a time when businesses are struggling to recover in a still-ailing economy.

Click here to read more about the possible effects of this new legislation.

Then, I encourage you to take action to prevent this before it goes into effect beginning in 2012.

U.S. Rep. Dan Lungren from California submitted House Resolution 5141 The Small Business Paperwork Mandate Elimination Act, which proposes to remove section 9006 of H.R. 3590.

By going to this site, you can find a contact form for your congressman. Please write your local representative and include the following text:

Congressman Name:

I am concerned about a portion of the recent health care reform bill pertaining to additional requirements for 1099 reporting for businesses. Section 9006 of H.R. 3590 will require businesses to request a W-9 and produce a 1099 for all vendors and retailers with which they spend $600 or more per year. I’m concerned that this will require more time and expense for businesses–and will be particularly hurtful for small businesses–at a time when businesses are still struggling. The requirement would take effect in 2012. H.R. 5141: Small Business Paperwork Mandate Elimination Act has been introduced in the House and has been referred to the House Committee on Ways and Means. I support passage of this bill and would appreciate your support of this bill and your support of small businesses.

Thank you,
Your Name

Please feel free to customize it as you like and spread the word.

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