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Update on 1099 Reform

Back in January 2011 we posted about the repeal of the 1099 provision in the health care bill and its impact on small businesses. Tribute's very own Tim Reynolds was also on Fox News and American Public Media's Marketplace to speak about the repeal.

Paperwork
CNNMoney has an update on the repeal here. Both Republicans and Democrats agree that the provision needs to be eliminated, but the big problem is: Money. Congress needs to find $2 billion from an alternative source in order to offset the revenue that the 1099 mandate is expected to generate.

Last year, the Senate tried repeatedly but could not pass repeal legislation, after senators were unable to agree on how to counteract the shortfall in funds.

Earlier this month, the Senate and the House both introduced bills to address the issue, but it may be a long haul until a satisfactory answer can be found.

We urge you to write or call your Representative and Senators and tell them how important this is to your business. Here is the National Small Business Administration’s issue alert that contains more information and a draft letter that you can personalize:  http://tinyurl.com/6z8qa2a.

Please feel free to give Tim a call here at Tribute at 330-656-3006, or send him an email if you would like more information on this issue.

 

 

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Tribute, Inc. is a provider of ERP business management software for distributors and system integrators in the fluid power, hose, motion control, automation, fluid handling & pump industry who provide value-added services.