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Costly IRS Mandate Slipped into Health Bill
Most people know about the individual mandate in the new health care bill, but the bill contained another mandate that could be far more costly.A few wording changes to the tax code's section 6041 regarding 1099 reporting were slipped into the 2000-page health legislation. The changes will force millions of businesses to issue hundreds of millions, perhaps billions, of additional IRS Form 1099s every year. It appears to be a costly, anti-business nightmare. Under current law, businesses are required to issue 1099s in a limited set of situations, such as when paying outside consultants. The health care bill includes a vast expansion in this information reporting requirement in an attempt to raise revenue for an increasingly rapacious Congress. Posted by: Beavis 2010-05-05 |
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