If you’re a small business owner like I am, you’ll be pleased to learn that the Senate recently repealed the onerous expanded 1099 filing provision created by the healthcare overhaul. As Gaebler reports "it required companies to file a 1099 form for each vendor on which they spent more than $600 in goods or services over the course of the tax year, beginning in 2012.” President Obama has expressed that he would welcome the repeal saying "small businesses are the engine of our economy and eliminating the 1099 reporting requirement is the right thing to do.”
The burden of such expanded provisions is something that many small businesses have dreaded since this provision would have meant reporting practically every business transaction made from copy paper to coffee. It would easily have add much more paperwork along with addition staff hours spent in non-productive activities.
Robb Mandelbaum of The New York Times reports, this may well mark the first skirmish in a much larger war on 'Obamacare' with this Republican victory just the first assault on President Obama’s landmark legislation. Democrats are said to view this repeal as an attempt by the opposition to undermine their health care law even though these same Democrats overwhelmingly voted for the repeal.