On April 14, 2011, President Obama signed the long-awaited repeal of the new 1099 reporting requirements. A minor provision in the new healthcare law, the new requirements would have included corporations and vendors of both services and tangible goods in the 1099 reporting net. While it was intended to be a major revenue-raiser for Washington, the requirements would have meant an unmanageable avalanche of paperwork for the nation’s small business owners.
It’s a Tax Day miracle! Both sides of the aisle managed to cooperate long enough to accomplish something for small business … finally!
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.