Thursday, July 29, 2010

1099 Concerns


Hello Everybody! We have received many concerned calls and visits regarding new 1099 regulations that were quietly passed through the house & the senate within the health care reform bill. The new regulation will require businesses to file a 1099 for every purchase of $600 or more and the law will go into effect in 2012. Many people are concerned about this law, and for good reason. This law will affect every business, and will do so negatively.

If you are concerned about this law, we urge you to contact your elected US Senators and Representatives. Please feel free to use the form letter that I have provided below.

Thanks!
Staci

Contact Orrin Hatch
Contact Bob Bennett
Contact Jason Chaffetz
Contact Jim Matheson
Contact Rob Bishop

Dear ____,

I am very concerned over a provision that was placed deep within the recent health care legislation. The provision that I am referring to is about IRS 1099 forms. This provision, which will be enforced in 2012, requires all businesses to report all purchases of $600.00 or more, dramatically increasing the amount of tedious paperwork required from businesses. This will affect nearly all businesses negatively and it will force many small businesses to hire at least one more employee, an expense that many cannot afford.

Rep. Dan Lungren has introduced HR 5141 to repeal the new 1099 requirement and I encourage you to support his legislation. HR 5141 will save businesses from this crippling legislation imposed on them during already difficult times.

Sincerely,
_____