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Congress Repeals Onerous 1099 Reporting Burden
2011-05-09
Congress has taken final action to repeal a requirement that all businesses file Form 1099 for virtually all purchases of goods or services from individuals and corporations beginning in 2012.
The filing requirement was contained in last year's health care reform legislation and was estimated to generate more than $15 billion in revenue over a 10-year period.
However, the reporting requirement would have especially burdened small businesses by significantly increasing their record-keeping responsibilities. For example, had the 1099 requirement remained, NAMM retail members would have found it necessary to file 1099's for all suppliers, as well as landlords and other vendors.
NAMM worked with the National Retail Federation, National Federation of Independent Business and other business organizations in a coordinated effort to successfully urge Congress to repeal the provision.
 
 
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