Repealing the 1099 Reporting Requirement: A Big Win for Small Business
05:19 PM EST
Ed. note: This was originally posted on the Small Business Administration blog.
Today, President Obama signed a law that removes the expanded “1099” reporting requirement from the Affordable Care Act. This is a big win for small businesses.
The SBA and President Obama supported repealing this provision, which would have required businesses to send 1099 forms for all purchases of goods and services over $600 annually. With this bipartisan effort, we have removed a requirement that would have been an undue barrier to small business growth.
The many benefits of the health reform law for small businesses remain in place. These tools are already helping small business owners find more affordable and accessible coverage for themselves and their employees.
In particular, with tax day coming on Monday, don’t forget that many small business that provide health insurance are eligible for tax credits, thanks to the new law. You can learn more at this page on the IRS website.
Karen Mills is the Administrator of the Small Business Administration.