What's the reward for growing your small managed services business? The answer: More government forms to fill out, according to Inc.com. The online magazine notes that small businesses are rallying this week to fight a 1099 rule that could trigger more paper work and red tape for entrepreneurs who are trying to pull the U.S. economy out of its slump. Here are the details.
According to Inc:
"Small businesses are rallying to fight the 1099 rule this week, an obscure provision in the new federal health care law that requires filing a 1099 form for every purchase above $600 starting in 2012."In response, Republican Senator Mike Johanns of Nebraska noted:
"If you are a business owner with 25 employees, why would you hire more if your reward is a mountain of new tax paperwork? This approach simply defies logic at a time when our country continues to struggle with high unemployment." The Small Business and Entrepreneurship Council advocacy group is asking members to contact their senators to urge them to support the Johanns amendment. (For details, click here.)Inc. covers the topic more fulling in the following report: Small Businesses Rally to Fight New 1099 Rules.
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