Our long national nightmare is nearly over.
Following the House's earlier lead, the Senate has passed a bill that repeals the onerous 1099 reporting requirements outlined in the 2010 health care reform package. The bill now heads to the White House, where Preisdent Obama is expected to sign it. In his State of the Union speech in January, Obama indicated that he would support efforts to repeal the 1099 rules.
Those rules would have forced businesses to report to the IRS every purchase of $600 or more from a vendor of goods or services, beginning with purchases made in 2012.
Shortly after the Senate's action, inboxes and Twitter streams were choked with statements from small business officials praising the move.
You get the idea.
This is one of those rare cases in which nearly everyone agrees on what needs to be done. My only question is: Why'd it take our political leaders so long to act? It seems like a simple matter of common sense.
Oh … that's why.
Update your browser to view this website correctly. Update my browser now