TRALA Signs Letter Urging Congress To Repeal 1099 Reporting Mandate
This 1099 mandate, unless repealed, is scheduled to take effect in 2012. This requirement is expected to result in massive amounts of paperwork and increased costs that many businesses simply don't have the resources to comply. Companies will have to issue hundreds of forms each year, as well as obtain the tax identification information for each vendor that they do business with. For truck renting and leasing companies, this could mean filling out a Form 1099 for the most inane functions such as for fueling stations, parts vendors and even office equipment.
Last November, following receipt of a letter from TRALA and a similar coalition of associations, Senate Finance Committee Chairman Max Baucus (D-MT) introduced an amendment that would repeal this Form 1099 mandate and he received bipartisan support amongst his colleagues. That amendment passed the Senate and now the House of Representatives is considering their own version of this amendment. Both chambers of Congress anticipate some kind of repeal legislation to be on the President's desk within weeks. However, the situation is still considered uncertain and TRALA and other organizations have decided to take action now and push Congress to send a repeal of the Form 1099 requirement to the President as soon as possible.
You can view the letter being sent in its entirety by clicking here.
If you have any questions on this effort, please contact TRALA's Jake Jacoby at email@example.com or at 703-299-9120. Thank you.