HR 4 would repeal the “burdensome and costly” Form 1099 reporting provision that was passed as part of the Patient Protection and Affordable Care Act. The Menendez Amendment would either delay or eliminate the repeal effort.
If the repeal is unsuccessful, starting next year business owners will be required to file an IRS Form 1099 to report all purchases over $600.
Senate balloting on HR 4 and Menendez is scheduled for April 5.
The TIA has been “working for months to repeal the 1099 reporting provision. This includes meeting with key U.S. representatives and senators and their staffs, attending crucial hearings, and being an important participant in a coalition of diverse business associations, which have united in this repeal effort,” according to Executive Vice President Roy Littlefield.
“While there is wide bipartisan support for the repeal of the onerous 1099 reporting requirement, previous attempts have failed, and the clock is ticking . . . That’s why we need everyone in the tire industry to contact their U.S. senators immediately and ask for passage of H.R. 4 and that they vote against the Menendez Amendment,” he says.To contact your U.s. senators visit www.senate.gov, or call 202-224-3121.
