The new 1099 reporting requirements recently included in the new healthcare bill have caused quite an uproar in the business community. Even the IRS’s own Taxpayer Advocate, Nina Olsen, expressed concerns in her latest report to Congress about the IRS’s new 1099 information-reporting burdens.
Already, the Department of the Treasury and the IRS have issued a proposal to exempt credit card purchases from the reporting requirement. Now, Senator Mike Johanns of Nebraska has sponsored a bill, the Small Business Paperwork Mandate Elimination Act, to repeal the new reporting requirements before they become effective in 2012.
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.