November 30, 2010

Senate fails to meet necessary vote to overturn the provision

Monday, the Senate failed to garner enough votes to repeal a provision that requires businesses to report supply purchases of $600 or more with a single vendor. Small Businesses have complained that the 1099 provision is cumbersome and will require them to file large numbers of reports to the IRS. It was estimated that this provision would help the government collect an additional $19 Billion in taxes due to underreporting of revenue. It is uncertain what measures may surface when the new congress convenes in January.

More on this article can be read in the November 30, 2010 NAHU Newswire.

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