mission vending Posted March 7, 2011 Share Posted March 7, 2011 A news release from the Vending Times: IRS 1099 Repeal Bill Passes The U.S. House of Representatives passed legislation Thursday to repeal a controversial provision in the federal healthcare reform law that would have required more paperwork for small businesses. The National Automatic Merchandising Association and Amusement and Music Operators Association opposed the proposed law, which would have required operators, among other small businesses, to use 1099 IRS tax forms to report all transactions greater than $600 each year. This From the NAMA legislative update as well: In a victory for NAMA and other small businesses, the U.S. House of Representatives voted on Thursday, March 4, to repeal new IRS 1099 reporting burdens. The repeal legislation drew bipartisan support. Rep. Dan Lungren's HR 4, the Small Business Paperwork Mandate Elimination Act of 2011, repeals the requirement that businesses file a 1099 form for any cumulative transactions over $600 a year. The legislation would pay for the $17 billion cost by requiring people making 400 percent of the federal poverty limit to repay health insurance exchange subsidies if their income increases over the course of a year. The U.S. Senate has already passed an amendment repealing the 1099 as part of the FAA Reauthorization bill, so the next step in the legislative process should be a conference committee. The conference committee will work to negotiate the differences in the House and Senate legislation. The House version is controversial and opposed by the Obama administration, so the path to final implementation remains somewhat uncertain. The bottom line? It is good news that 1099 repeal continues to move forward, and NAMA will continue to push for repeal of this costly new small business burden prior to the burden starting on Jan. 1, 2012. Looks like its almost there.... Think Obama will sign it? Link to comment Share on other sites More sharing options...
JEREMYTINA Posted March 8, 2011 Share Posted March 8, 2011 He's had to make quite a number of concessions, so what's one more? Link to comment Share on other sites More sharing options...
dogcow Posted March 8, 2011 Share Posted March 8, 2011 JEREMYTINA, the difference is this one (ostensibly) provides a lot of funding for the OTHER parts of the bill so signing it he would be effectively opening the door for it to be killed. granted the supreme court may do that anyway but thats a whole different story Link to comment Share on other sites More sharing options...
Faith Vending Posted March 8, 2011 Share Posted March 8, 2011 JEREMYTINA, the difference is this one (ostensibly) provides a lot of funding for the OTHER parts of the bill so signing it he would be effectively opening the door for it to be killed. granted the supreme court may do that anyway but thats a whole different story We can only hope the Supreme Court will kill the whole thing; the worst is yet to come and we ain't gonna like it. Link to comment Share on other sites More sharing options...
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