Read our lips: no new paperwork

Great news! President Barack Obama is expected to sign into law the Small Business Paperwork Mandate Elimination Act of 2011.

Passed by both the House and Senate, this law will repeal a small and costly provision buried in the 2010 Patient Protection and Affordable Care Act that would have required businesses to report payments of $600 or more for all vendors (not just independent contractors) to the IRS.

If that provision were allowed to stand, businesses that bought more than $600 in office supplies from Office Depot, or more than $600 in groceries from Costco, or more than $600 in telephone services from HawaiianTel, would need to file Form 1099s for each vendor. This would have driven up the cost of record-keeping and generated a ton of useless paperwork.

How did our Hawaii Congressmembers vote?

Representative Colleen Hanabusa: NO
Representative Mazie Hirono: NO
Senator Daniel Akaka: NO
Senator Daniel Inouye: NO

Remember how our Congressmembers voted on Election Day.

Explore posts in the same categories: Tax Watch, Taxes

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