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Congress Repeals Burdensome 1099 Reporting Provision

If you’re a small business owner like I am, you’ll be pleased to learn that the Senate recently repealed the onerous expanded 1099 filing provision created by the healthcare overhaul. As Gaebler reports  "it required companies to file a 1099 form for each vendor on which they spent more than $600 in goods or services over the course of the tax year, beginning in 2012.” President Obama has expressed that he would welcome the repeal saying "small businesses are the engine of our economy and eliminating the 1099 reporting requirement is the right thing to do.”

The burden of such expanded provisions is something that many small businesses have dreaded since this provision would have meant reporting practically every business transaction made from copy paper to coffee. It would easily have add much more paperwork along with addition staff hours spent in non-productive activities.

Robb Mandelbaum of The New York Times reports, this may well mark the first skirmish in a much larger war on 'Obamacare' with this Republican victory just the first assault on President Obama’s landmark legislation. Democrats are said to view this repeal as an attempt by the opposition to undermine their health care law even though these same Democrats overwhelmingly voted for the repeal.

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.