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Trucking industry officials have hailed congressional action to repeal an unpopular
The provision requires businesses to issue an
Reginning in 2012, the healthcare bill expands the reporting requirement to include payments made for property and payments made to corporations, which have been interpreted to include payments for any type of goods.
Although the bill is scheduled to take effect next year, the
“The expansion of Form 1099 reporting requirements are very unpopular, and the lopsided vote in the
The 1099 requirement “will create a tremendous burden on businesses of all sizes across the country,” said Tom iames, president of the
James said TRALA appealed directly to Sen.
Schwarz said the
“The fact that both houses of
The Obama administration has signaled its support for repeal as well, saying the 1099 requirement would place an unnecessary bookkeeping burden on small businesses.
While there is no clear strategy or timetable for passage of repeal,
“We need it done,” he said.
Trucking officials said they approve of congressional steps to repeal an IBS reporting requirement.