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Repealing the 1099 Reporting Requirement: A Big Win for Small Business

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Repealing the 1099 Reporting Requirement: A Big Win for Small Business

By Karen Mills, Former SBA Administrator
Published: April 14, 2011 Updated: May 16, 2011

Today, President Obama signed a law that removes the expanded “1099” reporting requirement from the Affordable Care Act. This is a big win for small businesses.

The SBA and President Obama supported repealing this provision, which would have required businesses to send 1099 forms for all purchases of goods and services over $600 annually. With this bipartisan effort, we have removed a requirement that would have been an undue barrier to small business growth.

The many benefits of the health reform law for small businesses remain in place. These tools are already helping small business owners find more affordable and accessible coverage for themselves and their employees.

In particular, with tax day coming on Monday, don’t forget that many small business that provide health insurance are eligible for tax credits, thanks to the new law. You can learn more at this page on the IRS website.

About the Author:

Karen Mills

Former SBA Administrator

Karen Gordon Mills is the Former Administrator of the U.S. Small Business Administration. The SBA helps both Main Street and high-growth small businesses get access to capital, counseling, federal contracts, disaster assistance and more.

Comments:

This is going to help small businesses a lot.
Having a small business myself, I can only feel a lot of joy because of this.
This was a large step forward for all small businesses.
This is wonderful news and I'm so pleased to see this burden removed for all small businesses. Keep up the good work guys.
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I was on the seventh heaven when I heard of that news :) Finally that reporting came to an end!
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