This week, the U.S. House of Representatives is going to tackle the much-despised tax provision written into the health care law, the 1099 IRS reporting requirement. To review, tucked away in the massive new health care law is a change to IRS rules that would require businesses to report all transactions that involve property or services which add up to more than $600 in a year per vendor, even when making purchases from a corporation. This would trigger the requirement to file a Form 1099 with the IRS and furnish taxpayer identification numbers (TINs) for the businesses and persons involved. The IFA is asking all its members to take two minutes to send a quick email to their Representative urging repeal of this burdensome legislation. Visit our easy advocacy center to make your voice heard. Thanks for your help!
Posted by Meredith Nethercutt, IFA Director of Advocacy