(Omaha World-Herald) — Omaha.com reports that Nebraska "farmers, ranchers and small business owners could have a pile of new tax paperwork" due to Sect. 9006 of the new health care law. The provision mandates businesses use 1099 forms "to report to the Internal Revenue Service any time they purchase more than $600 worth of goods in a year from one vendor." The World-Herald story quotes Mike McFarlin, an Omaha certified public accountant, as saying: "This will be an administrative nightmare for small businesses to implement." The article notes that "Bob Dudley of Norfolk said his family business, Appeara, an industrial laundry and uniform supplier, has about 550 vendors supplying him with cleaning products, garments, hangers and other materials. He said he anticipates that most of those vendors would be covered by the new rules." The article also mentions that Nebraska's U.S. Sen. Mike Johanns "is pushing for a repeal of Section 9006" by offering new legislation, and "Nebraska’s three House members — Reps. Lee Terry, Jeff Fortenberry and Adrian Smith — are co-sponsors of a House bill that would repeal the new requirements." Sen. Ben Nelson is "calling on the IRS to look for ways to reduce the burden of the new requirements, possibly by consolidating existing forms," but he "also defended the (health care law's) underlying goal of closing the tax gap."
Tuesday, July 20, 2010
BURDEN CREATED BY THE HEALTH CARE ACT TO PREPARE MORE 1099'S IN 2012 FINALLY GETTING SOME ATTENTION
I have been talking about this since the Health Care Act was passed. Finally it is getting some press.
(Omaha World-Herald) — Omaha.com reports that Nebraska "farmers, ranchers and small business owners could have a pile of new tax paperwork" due to Sect. 9006 of the new health care law. The provision mandates businesses use 1099 forms "to report to the Internal Revenue Service any time they purchase more than $600 worth of goods in a year from one vendor." The World-Herald story quotes Mike McFarlin, an Omaha certified public accountant, as saying: "This will be an administrative nightmare for small businesses to implement." The article notes that "Bob Dudley of Norfolk said his family business, Appeara, an industrial laundry and uniform supplier, has about 550 vendors supplying him with cleaning products, garments, hangers and other materials. He said he anticipates that most of those vendors would be covered by the new rules." The article also mentions that Nebraska's U.S. Sen. Mike Johanns "is pushing for a repeal of Section 9006" by offering new legislation, and "Nebraska’s three House members — Reps. Lee Terry, Jeff Fortenberry and Adrian Smith — are co-sponsors of a House bill that would repeal the new requirements." Sen. Ben Nelson is "calling on the IRS to look for ways to reduce the burden of the new requirements, possibly by consolidating existing forms," but he "also defended the (health care law's) underlying goal of closing the tax gap."
(Omaha World-Herald) — Omaha.com reports that Nebraska "farmers, ranchers and small business owners could have a pile of new tax paperwork" due to Sect. 9006 of the new health care law. The provision mandates businesses use 1099 forms "to report to the Internal Revenue Service any time they purchase more than $600 worth of goods in a year from one vendor." The World-Herald story quotes Mike McFarlin, an Omaha certified public accountant, as saying: "This will be an administrative nightmare for small businesses to implement." The article notes that "Bob Dudley of Norfolk said his family business, Appeara, an industrial laundry and uniform supplier, has about 550 vendors supplying him with cleaning products, garments, hangers and other materials. He said he anticipates that most of those vendors would be covered by the new rules." The article also mentions that Nebraska's U.S. Sen. Mike Johanns "is pushing for a repeal of Section 9006" by offering new legislation, and "Nebraska’s three House members — Reps. Lee Terry, Jeff Fortenberry and Adrian Smith — are co-sponsors of a House bill that would repeal the new requirements." Sen. Ben Nelson is "calling on the IRS to look for ways to reduce the burden of the new requirements, possibly by consolidating existing forms," but he "also defended the (health care law's) underlying goal of closing the tax gap."
