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Tax May 2011- "Repeal Of Tax Reporting Mandate Is Good News For Small Businesses"

Tax May 2011- "Repeal Of Tax Reporting Mandate Is Good News For Small Businesses"

Tax May 2011- "Repeal Of Tax Reporting Mandate Is Good News For Small Businesses"

Excerpt


Repeal Of Tax Reporting Mandate Is Good News For Small Businesses



Business groups that opposed the additional reporting of transactions to the Internal Revenue Service – a provision called “1099” for the form it would have required – were happy to see President Obama sign a bill repealing this measure in mid-April. The provision, which was intended to increase business tax revenue, would have taken effect in 2012. Its opponents argued that it created a significant paperwork burden to generate minimal returns, and ultimately both Republican and Democratic lawmakers agreed. Announcing the repeal, the President acknowledged the vital role small businesses play in the U.S. economy and noted that bilateral collaboration had brought about the repeal of the component. The bill the President signed also repealed another tax reporting requirement passed last year, which took effect January 1, 2011, requiring landlords to disclose more about their business expenses.


 


 



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