National Federation of Independent Business [5]
NFIB/Louisiana member Pat Felder, owner of Felder’s Collision Parts [6] in Baton Rouge, made her voice heard during a press conference on Aug. 4 addressing concerns over future tax increases and new tax reporting paperwork burdens in the healthcare law. Felder, along with representatives from NFIB, joined senior members of U.S. Senate Republican leadership at a news conference on Capitol Hill that discussed the different ways tax hikes and reporting requirements would hinder job growth and hurt small business.
Beginning in 2012, the new healthcare law requires businesses to send Form 1099s for every business-to-business transaction of $600 or more for both property and services – creating a tremendous new paperwork compliance burden for small business.
As the owner of a family-run company, Felder is especially concerned about this onerous new 1099 tax reporting provision and supports efforts to repeal it. She said she would go “cross-eyed” filling out the new paperwork.
“I will go from filling out four 1099 forms to several hundred because of this law. That just doesn’t make sense,” she said.
NFIB has made full repeal of the 1099 reporting provision a major priority and strongly supports the Small Business Paperwork Mandate Elimination Act (H.R. 5141/S. 3578), which would fully repeal this new provision (Sec. 9006) from the recently enacted healthcare law.
You can get involved and show your support here [7].