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Wednesday, September 15, 2010

Senate Rejects Bills to Repeal ObamaCare's 1099 Reporting Requirements

The Senate yesterday rejected attempts to repeal or reform the 1099 reporting requirements from ObamaCare. The Senate defeated (52-46) an amendment by Sen. Mike Johanns (R-Neb.) to repeal the requirement that businesses report all transactions in excess of $600 to the IRS. The Senate defeated (61-37) an amendment by Sen. Bill Nelson (D-Fla.) to raise the reporting requirement to $5,000 and exclude businesses with fewer than 25 employees.

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Comments

Next headline. Business owners reject re-election of those senators.

Posted by: Woody | Sep 15, 2010 8:21:03 AM

But 46-52, if 7 or 8 seats change hands, goes the other way next year.

Posted by: Michael A. Livingston | Sep 15, 2010 9:33:15 AM

But 46-52, if 7 or 8 seats change hands, goes the other way next year.
Still not enough to overcome The Won's veto.

Posted by: wikiwiki | Sep 15, 2010 6:32:03 PM

Obviously, no one in our esteemed senate has any idea how much labor and expense is involved in maintaining,verifying,producing and distributing accurate 1099 forms. It will be a huge bookkeeping burden for both the issuers and the gov't dept that receives and processes them.
BTW - has anyone told the average tax payer that receiving a 1099 is the same as receiving an invoice to pay additional taxes?

Posted by: dprosenthal | Sep 16, 2010 7:44:19 AM

What???

"has anyone told the average tax payer that receiving a 1099 is the same as receiving an invoice to pay additional taxes?"

Additional? The comments on this board never fail to impress.

Posted by: A. Saunders | Sep 17, 2010 6:12:11 PM