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Member, Beacon International Group, Ltd.
WASHINGTON—Senate Finance Committee Chairman Max Baucus, D-Mont., said Friday that he will introduce legislation to repeal a requirement that employers furnish 1099 statements if they do more than $600 in business with a corporate vendor.
Small employers have complained that the reporting burden of the health care reform law requirement, which is scheduled to go into effect in 2012, is too great.
In a statement, Sen. Baucus said he has “heard small business loud and clear and I am responding to their concerns.”
The senator, who said he would introduce his bill soon, also said he would look for other ways to improve tax compliance and keep taxes low, but did not provide any specifics. The reporting requirement would raise about $2 billion a year, according to estimates by the congressional Joint Committee on Taxation.
Previously, President Barack Obama said he would consider changes to the 1099 reporting requirement in response to widespread criticism.
WASHINGTON—President Barack Obama said Wednesday he is willing to work with Republicans to “tweak” the health care reform law, but he ruled out major changes.