Senate fails to repeal easier expense-filing rule
Dec. 3, 2010—The U.S. Senate recently failed to pass two amendments that would have eased expense-filing requirements on small businesses, according to an Automotive Service Association (ASA) press release_notes.
The amendments would have no longer required businesses to file annual expenses to vendors if the amount exceeded $600. Referred to as the 1099 rule, because of the IRS form number, repealing the rule by approving one of the amendments would have lowered U.S. tax revenue by more than $19 billion over the next 10 years. The Senate has also failed to pass two similar bills in 2009.
More than 40 million companies will be affected by the law, including auto repair businesses of all sizes, according to an ASA press release.
For more information on the amendments, got to TakingTheHill.com.