NCCPAP Plays Influential Role in the Repeal of the 1099 Tax Form Bill NCCPAP President Claims a Significant Win for Small Businesses
Provision in the 2010 healthcare reform law that all businesses be required to issue a 1099-MISC to any and all other businesses and non-employees who were paid more than $600 for goods or services has been repealed.
- (1888PressRelease) April 27, 2011 - MINEOLA, NEW YORK - The National Conference of CPA Practitioners (NCCPAP) Congressional Agenda for 2011 included support for the repeal of the provision in the 2010 healthcare reform law that all businesses be required to issue a 1099-MISC to any and all other businesses and non-employees who were paid more than $600 for goods or services. A bill repealing this provision recently passed the House and Senate and been signed into law by President Obama. This provision was scheduled to go into effect in 2012
"This is a significant win for small businesses that have been and continue to be on a turbulent road of recovery since the 2008 Wall Street collapse," states Andrew Hult, President of NCCPAP. "Our hope is that this is the beginning of tax reforms associated with the small business sector, which is the backbone of the US economy."
The Form 1099 reporting provision was meant to improve tax compliance and help pay for some of the costs in the heath care law. "The anticipated costs of compliance for small business proved just too burdensome", said Neil Fishman, Chair of the NCCPAP Tax Policy committee.