The health care reform bill has an obscure tax-reporting provision that slipped through the cracks. The provision will require all businesses to issue a 1099 for any vendor with whom they have purchased more than $600 in goods. As it stands, this law is set to go into effect in 2012. However, certain tax fairness groups are working to get this portion of the health care bill repealed.
Apparently, Democrats, Republicans and the White House back the repeal. The Ways and Means Committee is scheduled to mark up the proposed bill on Thursday.
Clearly, this new requirement, if it stands, would be an excessive burden on businesses - and especially small businesses.
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