Welcome back readers. Today we're taking a moment to celebrate a victory for small businesses like ours, with the repeal of the expanded 1099 reporting requirements.
Included in the healthcare reform law, extended 1099 requirements were one suggested method of collecting on taxes supporters of the law claimed were under-reported, requiring each business purchase of goods or services over $600/year to be reported. The burden was heaviest for small businesses that operate without entire accounting departments already devoted to taxes. Thankfully, Congress came together from both sides of the aisle and repealed these requirements a few days ago.
With the repeal, we won't have to devote more of our (and the nation's) productivity away from growing our businesses. That's one for the little guys!