According to a group of Democratic senators, the IRS needs to reduce the paperwork burdens that will fall on small businesses from the new 1099 reporting requirements due to hit in 2012.
The new requirements may place a hardship on small businesses by creating an extra paperwork burden. … We insist that the IRS develop ways in which small businesses can reduce expected paperwork from this requirement.
So, thanks go out to Senators Ben Nelson of Nebraska, Mark Begich of Alaska, Jeanne Shaheen of New Hampshire and Evan Bayh of Indiana for recognizing the obvious nightmare coming down the road and making efforts to halt the tide of paperwork about to hit small businesses nationwide!
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.