Agricultural News
1099 Repeal Vote Expected
Wed, 02 Mar 2011 17:03:39 CST
The House is expected to vote today on legislation to repeal the Form 1099 provision in the health care reform law. The American Farm Bureau Federation is continuing its quest for repeal. Farm Bureau is urging House members to save farmers and ranchers the needless time and expense of complicated paperwork requirements associated with Form 1099 information reporting. By passing H.R. 4, the Small Business Paperwork Mandate Elimination Act of 2011, Farm Bureau says, - Congress can end the requirement.
In a letter to House members, AFBF President Bob Stallman says the requirement for farms, ranches and other businesses to complete an IRS Form 1099 for payments made for goods and services will have a negative impact on business owners. As of now, the new reporting requirement will begin in 2012 and will include a mandate that forms be submitted for each non-employee supplier of goods and services aggregating 600 dollars or more in a calendar year.
According to Stallman, farm operators also would face a new administrative burden from reconciling the forms they receive from the sales of their products and compiling required information to ensure compliance. Stallman says, - the additional reporting requirements would increase the cost and complexity of complying with the tax code.
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