Wednesday, February 23, 2011

1099 Issue Watch

The Hill published an update on the effort to repeal the paperwork-creating legislation inserted into the health care bill last year that requires businesses to issue 1099's to every vendor.  The Port Authority is not exempt from this onerous requirement either.

See the article here: 

Reading it, I e-mailed my Finance Manager to break the news to her:  "I think you still need to be prepared to collect W-9’s from everyone. It’s not appearing a slam dunk to get repealed."

We've been preparing for this ten-fold increase in paperwork by requiring every, single vendor from whom we buy to provide a W-9.  We are nearing the three-month point on doing that with no end in sight.

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