Stabenow bill would drop required IRS filings
According to this article in the Detroit Free Press, Debbie Stabenow introduced legislation that would kill the new 1099 filing requirements which were wrapped up in the health care bill passed last year. The requirements, which would go into effect starting in 2012, would require 1099s to be sent to ALL vendors a company paid more than $600 in a calendar year. This is vastly more expansive then the current rule which requires 1099s for non incorporated business and individuals (and a few others).
This new requirement would be an incredible burden on the business community and the IRS’s technological capabilities to process all that information. Let’s hope that Stabenow is successful.