Congressional groundswell emerging to change tax provision in reform law

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Congress may change tax reporting requirements under reform law

Will reform law make tax reporting trickier?

The reform law may be facing its first serious challenge, with Democrats joining Republicans to seek repeal of a tax provision in reform legislation. According to The New York Times, current rules within PPACA require businesses to file a 1099 form naming anyone to whom they pay $600 or more for goods or services in a year. The idea is to make sure they’re paying their full tax bill.

Senator Bill Nelson (D-FL) that would raise the minimum level which triggers the reporting requirement. Under Mr. Nelson’s plan, businesses with 25 or fewer employees would be exempt from the new requirement, and the reporting threshold for larger businesses would be set at $5,000, rather than $600. This would spare 90 percent of businesses the need to file such reports, Sen. Nelson says.

-Anne Zieger

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