85 F
San Diego
Tuesday, Sep 27, 2022
-Advertisement-
Array

Tax Change Takes a Big Burden off Businesses

It’s nice to see government correct a mistake.

That’s what happened April 15 when President Barak Obama signed a law that repeals parts of his health care legislation which was passed a year ago.

One particular provision would have required all businesses to file a 1099 tax report for every business or individual from whom it cumulatively purchased $600 worth of goods or services over a year.

Small businesses like construction firms and really any one that contracted for everyday services such as office supplies and coffee would have had to file the reports, causing many to contact their elected representatives to get the provision dumped.

- Advertisement -

Among those supporting the repeal was the Associated Builders and Contractors — San Diego Chapter , a trade association.

“Our members would have been greatly affected by these rules, placing an enormous paperwork and cost burden on them at a time when they can least afford it in a struggling economy,” said ABC President Scott Crosby. “We’re grateful to President Obama for signing this measure into law, and we thank Congress for acting to rectify this situation by passing corrective legislation. It’s a pleasure to get good news on tax day for a change.”

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-