Relief for Small Businesses – Repeal of 1099 Provision in Health Care Reform Act

Relief is in sight for small business owners who were in fear of being required by the Health Care Reform Act to issue year end 1099 statements to everyone and every business that they have purchased more than $600 of goods or services from, including stationers like Office Depot and carriers like Fed Ex.
The Senate voted to repeal this provision. The House is likely to follow.
This is an excerpt from a Washington update from, the National Association of Health Underwriters:
“One of their first steps in this process was the targeted repeal of the 1099 reporting requirements, which direct businesses to issue and file 1099 tax forms to any individual or corporation from which more than $600 in goods or services are purchased in a tax year beginning in 2012. The full Senate voted to approve this repeal 81-17 on Wednesday night, and NAHU issued a letter of support for the measure. The Senate has tried to repeal this unpopular requirement several other times, but the measures failed due to political disputes regarding payment offsets.

Repeal of the 1099 provisions has substantial Democratic support, including the backing of the White House, and those who are eager to point out their willingness to be bipartisan have pointed to the agreement on 1099 repeal. It will be interesting to see if bipartisan agreement can be found on other business-friendly issues, such as changes to the medical loss ratio requirements (MLR) and 105(h) non-discrimination requirements.

The House now needs to act on 1099 repeal legislation, too. H.R. 4 has been offered by Representative Dan Lungren (R-CA) and the Small Business Committee will hold a full committee hearing to discuss it next Wednesday.”
Full story at:
http://newsmanager.commpartners.com/nahuw/issues/2011-02-04/index.html

Phil Lee
www.healthplantalk.com
www.health-insurance.com

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