Costly IRS Mandate Slipped into Health Bill

Discussion in 'News / Current Events' started by targus, May 1, 2010.

  1. targus

    targus
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    "A few wording changes to the tax code’s section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare."

    "In order to file all these 1099s, you’ll need to collect the necessary information from all your service providers. In order to comply with the law, you would have to get a Taxpayer Information Number or TIN from the business. If the vendor does not supply you with a TIN, you are obligated to withhold on your payments."

    "If it goes into effect, it will waste vast quantities of human effort in filling out forms, reworking computer systems, collecting and organizing data, and fighting the IRS. The struggling American economy can’t afford anymore suffocating tax regulations. This mandate is a giant deadweight loss. It should be repealed."

    http://www.cato-at-liberty.org/2010/04/26/costly-irs-mandate-slipped-into-health-bill/


    I guess this is one of those things that Pelosi was referring to when she said, “But we have to pass the bill so that you can find out what is in it."
     

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