The most recent opponent of Healthcare Reform in the US? Business owners, both large and small alike, backed by the IRS. What is their beef with the Healthcare Reform Bill? Simply stated, it is the extensive new tax reporting regulations, which most businesses will not be able to comply with. There is a provision in the bill that requires all businesses file a 1099 form stating all purchases from any vendors that have sold over $600 of goods to the company.
According to the article, the National Federation of Independent Businesses states it would be a crippling burden for small business. The Taxpayer Advocate agrees that the new reporting scheme could have distortionary effects on taxpayer behavior, pushing businesses toward larger vendors at the expense of smaller local suppliers. The provision is being fought by the IRS to help protect businesses, especially smaller ones.
Read more about how the IRS is fighting this provision here.
Stay Tuned…
Sarah
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