Snow Leopard

Snow Leopard
Snow Leopard cub (7 mos old) - Cape May County Zoo

Tuesday, March 8, 2011

Vets are Small Business Owners Too...

..and thus are affected by legislation.  This is something that NEEDS to be addressed and soon:

House votes to repeal 1099 tax reporting component of health care overhaul

The House Thursday voted to repeal a tax reporting requirement under President Barack Obama's health care overhaul, but disagreements with the Senate on how to pay for it could delay final enactment.

The House bill would cancel a provision in the Affordable Health Care for America Act that requires businesses starting next year to file 1099 tax forms for all purchases of goods and services totaling more than $600. The reporting provision was designed to improve compliance with tax laws, and raise money to help offset costs of the health overhaul law, but small businesses complained it generates too much paperwork.

Read the entire story

More Info on this from the NCPA

Just remember: Whenever we burden a business with something that will cost more time (and thus money), that cost WILL be passed on to the consumer in some form. In some cases it's higher fees but in others it's the inability to hire more staff (every business has finite financial resources with which to work with!) or hire and pay well trained staff.  

From the Heritage Foundation

Small businesses will now have to issue possibly billions of new forms to the IRS. While large businesses can absorb the cost of this new bureaucracy with their large legal and accounting teams, the new requirements will slam small businesses hard. The paperwork burden will force small businesses to redirect scarce resources from productive activities that could grow the business, add jobs, and pay higher wages to complying with the onerous new reporting requirements.

The Patient Protection and Affordable Care Act (of which this requirement is a part of - how it's health care related, I have NO idea - it's just a way to grow government really) absolutely affects businesses also, but that could (and probably should) be another blog, another day. 

1 comment:

  1. Hidden, behind the scene costs are probably a fact of life in many career choices. Added government burdens in the form on 1099s may be forced because dishonest individuals do not declare all taxable income. Come on people, pony up your tax money, we all drive on streets, enjoy military protections, and expect someone to arrive when 911 is utilized.

    We have two educators following Christine's fine much money do we spend a year for our classrooms, students and professional development?? Our salaries are tax supported too.