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Thursday, 21 October 2010 16:34

SEMA asks IRS to Help Kill 1099 Report Mandate

SEMA his submitted comments to the IRS opposing a requirement that businesses issue 1099 reporting forms to all vendors from whom they buy more than $600 of goods or services in any year, beginning in 2012. The mandate was included in the health-care law as a revenue-raising provision. SEMA said that it will fail in its mission to collect much under-reported income, but it will succeed in punishing small-business taxpayers who already comply with U.S. tax law. The 1099 provision was imposed upon the IRS which required to implement the law.

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