I don't want to get your hopes up too high, but the Senate finally might get around to voting today on repeal of the 1099 reporting requirement that was expanded as part of the health care reform law.
What timing. Groundhog Day is perfect.
I'm talking, of course, about the movie, not the furry little critter that lends his name to Feb. 2.
You remember the Bill Murray film where he relives the same day over and over. That's how it's gone with the efforts to axe the expanded 1099 rule.
The new 1099 reporting law was designed to raise money to pay for health care reform and give the IRS a paperwork trail to track folks who aren't reporting income. But it soon came under fire for being too burdensome, especially for small businesses.
So Congress keeps trying to get rid of it. Legislation has been repeatedly introduced. Lawmakers of all political stripes are for killing it. Even the president talked about the 1099 problem in his State of the Union address.
And still the law is on the books.
Now it looks like the repeal effort might be attached as an amendment to the Federal Aviation Administration reauthorization bill. Don't you just love how Congress, uh, works? A vote on the amendment is planned, or at least hoped for, later today.
But that's not a sure thing. Petty politicking and legislative rules have doomed previous efforts. That could happen again.
While we wait for today's 1099 scenario to play out on Capitol Hill, check out the coverage leading up to this latest repeal attempt:
- Senate Republicans express confusion over 1099 amendment
- Stabenow offers 1099 repeal amendment
- House GOP to move quickly on healthcare 1099 tax repeal
- Senators introduce bipartisan 1099 repeal bill
- Sen. Cardin seeks to repeal 1099 provision
- New 1099 Rules: President's Speech Offers Hope for Some Relief
- State of the Union provides hope for accountants
- How Will the Senate Screw Up the 1099 Repeal Bill This Time?
Judging from the headline from On the Money about confused Senators, I fear that last headline query from Going Concern might be the correct analysis of the situation yet again.
But I'm hoping that by the time this Groundhog Day is over, the replay of the 1099 repeal effort come to a successful conclusion.
Related posts:
- Form 1099 repeal fails yet again
- Senate uses Form 1099 as political bludgeon
- Repeal of new Form 1099 reporting rule back
in Congressional sights - Senate uses Form 1099 as political bludgeon,
fails to fix reporting problem - Senator slams SBA for not taking a stand
on new Form 1099 reporting rule - Lawmakers seek repeal of new 1099 forms
- Effort to repeal 1099 reporting fails
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