Lawmakers Call for Repeal of IRS Rule

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Last Thursday, three Democrats in the Senate wrote a letter to House Speaker John Boehner urging him to call for a House vote on the 1099 provision set by the IRS. The now infamous 1099 provision is a new rule that makes it compulsory for all businesses to submit a 1099 Form to the IRS for all transactions worth $600 or more in one tax year starting from 2012. The new law is to close the gap between income that is made and what is actually reported to the IRS currently estimated at $300 billion every year. The additional revenue is meant to help fund the government’s new healthcare reform.

The 1099 form is used to report income for individual workers other than wages and salaries. It is given to freelancers and businesses send them out. This additional administrative work is viewed by most people as onerous especially to small business owners who might have to employ additional staff to keep track of such transactions and comply with the law.

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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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