Senate Democrats Propose Scaling Back IRS Reporting Law
By MARTIN VAUGHAN
WSJ
U.S. Senate Democrats proposed scaling back new Internal Revenue Service reporting rules that were part of the new health-care law, continuing a retreat that began last week when their House of Representatives counterparts backed repeal of the requirements.
As a result, it appears likely that the new rules will be at least watered down if not repealed completely. The rules, which were to take effect in 2012, required businesses to file 1099 information returns to the IRS showing payments to suppliers and service providers.
The Senate is set to take a procedural vote Sept. 14 on a proposal from Sen. Mike Johanns (R., Neb.) to repeal the reporting rules, after Senate Majority Leader Harry Reid (D., Nev.), moved to limit debate on the measure.
Mr. Johanns offered the repeal proposal as an amendment to small-business lending legislation now pending in the Senate.
(More here.)
WSJ
U.S. Senate Democrats proposed scaling back new Internal Revenue Service reporting rules that were part of the new health-care law, continuing a retreat that began last week when their House of Representatives counterparts backed repeal of the requirements.
As a result, it appears likely that the new rules will be at least watered down if not repealed completely. The rules, which were to take effect in 2012, required businesses to file 1099 information returns to the IRS showing payments to suppliers and service providers.
The Senate is set to take a procedural vote Sept. 14 on a proposal from Sen. Mike Johanns (R., Neb.) to repeal the reporting rules, after Senate Majority Leader Harry Reid (D., Nev.), moved to limit debate on the measure.
Mr. Johanns offered the repeal proposal as an amendment to small-business lending legislation now pending in the Senate.
(More here.)
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