Healthcare law's 1099 provision expected to be repealed
Joe Olivo and his family own a small printing company in Moorestown, NJ, and Washington's new demand for more paperwork is about to drive them crazy. They're upset about a part of last year's healthcare law that has nothing to do with healthcare. Intended to boost tax compliance, the so-called 1099 provision means that Olivo will have to keep tabs on how much his drivers spend for gasoline, his business lunches and even his expenses when he takes the train to Washington to urge repeal. Olivo, like other business owners, will have to comply with the new requirement that businesses report purchases of goods or services of more than $600 from single vendors during a calendar year. The good news for Olivo and for all the Washington lawmakers who are eager but struggling to promote bipartisanship, is that virtually everyone in power, regardless of party or ideology, agrees that the requirement has to go.
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