Controversial Healthcare Tax Law Stays

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The controversial part of the healthcare tax law that requires businesses to file 1099 forms for all vendors of products or services above $600 in a tax year has not been repealed by the Senate. This requirement is set to begin in 2012. Up to now businesses are only required to fle 1099 forms for contracted workers but with effect from 2012, they have to fle for every individual and company they buy goods or services worth more than $600 in a tax year.

This provision in the law that was adopted in March under the massive health reform scheme, became a source of controversy when many business owners claimed that the requirement would unnecessarily increase the cost of doing business. In particular, small businesses which may not even be run entirely by full-time staff would have trouble complying.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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