U.S. Chamber of Commerce Supports Repeal of 1099 Reporting Requirement

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The U.S. Chamber of Commerce in a letter released September 9 has urged members of Congress to vote for a full repeal of the new Form 1099 reporting requirements that were recently enacted in the Patient Protection and Affordable Care Act.  The provision is scheduled to become effective 1/1/2012 and mandate reporting of non-credit card purchases of $600 or more for goods and services purchased from a business during a calendar year.  The letter addressed to members of the United States Senate “strongly supports an amendment expected to be offered by Sen. Johanns to H.R. 5297, the “Small Business Jobs Act of 2010,” which would repeal Section 9006 of the “Patient Protection and Affordable Care Act” (PPACA), usually referred to as the 1099 reporting mandate, and strongly opposes an amendment expected to be offered by Sen. Bill Nelson, which would increase energy taxes and further complicate the 1099 mandate.

Keiter Stephens is closely monitoring this repeal and will update as soon as information is available.  Should you have questions regarding this ruling and how it may impact your business, please contact your KS client service representative.

Source: RIA

About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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