News:
Health Care Reform's Effect on Business
(September 22, 2010) By Accounting Today Staff
In addition to asking candidates for our Top 100 Most Influential People in Accounting their opinions on IFRS and convergence, we asked: "What effect will this year's health care reform legislation have on business and the U.S. economy?" The immediate impact is already being felt. Uncertainty in terms of how reform will impact businesses has already resulted in delayed business decisions, including hiring for small businesses, which will also likely be a factor delaying recovery.
Senate Fails to Repeal 1099 Requirements
Washington, D.C. (September 14, 2010) By WebCPA Staff
The Senate was unable to produce enough votes to end debate on two amendments that would have repealed or scaled back the expanded 1099 reporting requirements for businesses in the health care reform bill. The controversial requirements, which were included in the Patient Protection and Affordable Care Act, would require businesses to report to the IRS any purchase from a vendor of goods or services worth $600 or more during the calendar year. The new requirements would be effective for purchases made in 2012 that will be reported on 1099 forms filed in 2013.
The Coming 1099 Revolution: Are You and Your Clients Ready?
Health care reform act provision vastly expands information reporting requirements.
By David Lifson, Cpa | August 2010
1099 Revenue-raising provisions in the Patient Protection and Affordable Care Act, PL 111-148, and the Health Care and Education Reconciliation Act of 2010, PL 111-152, like their health care provisions, have far-reaching implications. One could even fundamentally change the way we do business and keep records in the United States - by dramatically increasing information reporting requirements for business transactions.
Health Reform's 1099 Headache
A brief provision in the health-care reform law could create big reporting problems for
small businesses.
By Joseph McCafferty, CFO.com | August 19, 2010
A little-noticed provision in the Patient Protection and Affordable Care Act is suddenly generating a lot of attention. The new rule requires all businesses to file 1099 forms if they purchase $600 or more in goods or services from another business during a year. While the rule was largely overlooked in the early analysis of the health-care law, a recent uproar has put it in the spotlight, and efforts are now under way in Congress to repeal the measure.