Repeal of 1099 reporting for small business — What's the holdup?
Health care reform came with a tacked-on provision for small businesses that's a massive paperwork headache. All small business owners will be required to file 1099 forms for every vendor of products and services they pay more than $600 in a year. The provision kicks in at the beginning of 2012. Everybody seems to want this provision repealed — even the Small Business Administration recently endorsed repeal. But two different amendments to repeal the rule failed in September, a defeat the National Federation of Independent Business called a missed opportunity. The following are two reasons why 1099 repeal is still in a holding pattern.
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