Big "I" Supports Efforts to Repeal Burdensome IRS Form 1099 Provision
Calls on Congress to come together to act swiftly to protect small businesses.
The Independent Insurance Agents & Brokers of America (IIABA or the Big "I") today issued the following statement in support of efforts in the United States Senate to repeal a provision in the new health care law that will require all businesses to file a Form 1099 for any business-to-business transaction for goods or services over $600 (cumulative throughout the tax year) starting in 2012.
The following statement is by Charles Symington, Big "I" senior vice president of government affairs:
"The mountain of paperwork required of small businesses to comply with this burdensome new provision will divert resources and prevent investment in job growth and business expansion at a delicate point in the American economy. Thousands of independent insurance agents and their many small business clients will feel the full force of this draconian measure. While we are encouraged by widespread congressional support for repeal of the 1099 form provision, we call on members from both political parties to get on the same page regarding the details. We urge full repeal as soon as possible and will continue to work with Congress and others in the business community who oppose this ill-conceived provision."