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ABA Expresses Strong Support for Repeal of 1099 Requirement

Posted on 2/15/2011

ABA strongly supports the House Ways and Means Committee's effort to repeal a provision in the healthcare law requiring businesses to file Internal Revenue Service Form 1099 on every annual purchase of goods from a vendor above $600, the association said in a letter yesterday. "New regulations associated with this provision would put significant burdens and costs on businesses of all sizes ," Floyd Stoner, ABA EVP of congressional relations, said.

"The costs of implementation and ongoing compliance will have no positive results for the reporting companies, as its sole purpose is resource information for the Internal Revenue Service," Stoner said. "This burden would be counterproductive at any time, but it is especially so in this economic environment, when productivity is so important."

ABA also had called for a repeal of the 1099 provision and described its many burdens in a Sept. 29 letter to the IRS. Read yesterday's ABA letter. Read the September ABA letter.

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