Senate Fails to Repeal Burdensome Obamacare Business Requirement

Curtis Dubay / September 14, 2010

The Senate failed today to repeal one of the more troublesome provisions of Obamacare. Tucked away in the legislation that made Obamacare into law is a tax provision that will be a compliance nightmare for businesses when it goes into effect in 2012.

The provision calls for all businesses to file 1099 forms with the IRS for all transactions with other businesses over $600. This new requirement will force businesses to divert scarce resources to complying with additional bureaucratic red tape that they could better use creating new jobs.

The Wall Street Journal offers a telling example of just how burdensome the 1099 provision will be: (more…)