Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Your Free Business Opportunity Resource Is Easy To Use
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Find Great Business Opportunities - Book-of-the-Month - Author David Alford maintains that “opportunities come everyone’s way,” but few people know what to do when they find one. And in fact, few people actually know how to find the best ones.

That’s why he wrote

Optimizing Your Business for Mobile - Not too long ago, your business would be considered tech savvy if your website was easy to read on a smartphone and employees could access their emails on the go.

But, with how quickly the digital world is moving these days, this is just the beginning...

Conversion Rate Optimization - Every business owner knows the importance of a good online presence to increase a company’s visibility in a crowded and competitive marketplace. But getting more visitors and broader publicity is only half the story.

By improving conversion rates, you can give...

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
Kaeser & Blair Promotional Products
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
 
Resource Center > Article
Senate Approves 1099 Repeal Language to the Relief of Small Business Owners
13 Apr 11 Posted by: Kathleen C Lanza
in Featured Articles
Share this Article:

A somewhat buried, three-paragraph pay-for in last year’s new healthcare legislation has been approved by the Senate for repeal, much to the relief of the nation’s small businesses and their advocates.  The provision would have required companies to report to the IRS payments of more than $600 per year made to any vendor, creating a compliance nightmare for small businesses in particular.

Initially designed to both fight tax fraud and raise money to implement healthcare reform, the provision very quickly became unpopular with both parties once the potential ramifications for small businesses became apparent.  Given that the House already passed it and the Senate’s 87 to 12 vote to do the same just last week, the repeal bill will now go to the President for his consideration.

President of the National Small Business Association (NSBA) Todd McCracken said in a recent statement, “NSBA applauds the efforts made in the Senate and House to repeal this huge thorn in the sides of America’s small businesses.  After a year of political wrangling over how to offset the cost (of healthcare reform) despite broad support of repeal, this was clearly a vote in support of small business.”

Currently, businesses must file a 1099 form only for freelancers and other service providers who are not incorporated and who they pay more than $600 per year, the goal being to ensure these workers pay taxes that would otherwise be withheld by businesses if they were regular employees.  The new provision would have expanded such reporting to also include companies, as well as goods and services.  According to the NSBA, small firms could very well have to increase their 1099 reporting from an average of 10 to 86 if the provision is not repealed, creating a tremendous burden on them both administratively and financially.

Shortly after the Senate's repeal language was approved, the White House signaled the President’s intention to sign the new bill stating, we are “pleased Congress has acted to correct a flaw that placed an unnecessary bookkeeping burden on small businesses.”  According to CNN reporter Ted Barrett who has been covering this issue closely, “multiple sources from both parties said they expect the president to sign the repeal” as well.

Related Blog Posts
1 Jun 17 Posted by: Kevin James Culp
in Featured Articles

Find Great Business Opportunities - Book-of-the-Month - Author David Alford maintains that “opportunities come everyone’s way,” but few people know what to do when they find one. And in fact, few people actually know how to find the best ones.

That’s why he wrote
7 May 17 Posted by: Sally Keys
in Featured Articles

Optimizing Your Business for Mobile - Not too long ago, your business would be considered tech savvy if your website was easy to read on a smartphone and employees could access their emails on the go.

But, with how quickly the digital world is moving these days, this is just the beginning...
23 Apr 17 Posted by: Sally Keys
in Featured Articles

Conversion Rate Optimization - Every business owner knows the importance of a good online presence to increase a company’s visibility in a crowded and competitive marketplace. But getting more visitors and broader publicity is only half the story.

By improving conversion rates, you can give...
19 Apr 17 Posted by: Tom Ollerenshaw
in Featured Articles

International Business Expansion - Once your business has established itself on the domestic scene, you should then think about the next steps for your company to help it develop and grow.

International Business Expansion - One option you may want to consider is to take your business overseas...
17 Apr 17 Posted by: Sally Keys
in Featured Articles

Effective Project Management - Managing projects effectively to keep them on track, on time and on budget is critical to every business. However, it is particularly so for a small or fledgling business where resources...

 
   

Entrepreneur Exchange is our forum where we interview the Influencers, CEO's, Author's, Business Owners Of All Types, Shapes and Sizes.

Entrepreneur Exchange: Today, we sat down with Marc Winkelman, CEO of
Video Spotlight

Become a Dealer For Our Portable Self Loading Forklift! We Want To Talk With You. Call Us Toll-Free for Additional Information at 1-866-924-LIFT (5438) Today!


Premium Sponsor