Wednesday, April 6, 2011

1099 Issue End?

I've been watching the 1099 issue for almost a year now since the health care act had this provision inserted.

For the Port Authority, this has meant four months of collecting W-9's from every corporation and seller of goods that we do business with or risk not being able to comply.  It's a paperwork fiasco for our small operation.

There's celebration from my Finance Manager and me over this news:  The Senate approved a house repeal of the 1099 provision yesterday and word is that the President will not veto the bill.  He may, even, sign it.  See this Oswald Companies update on the topic.

I e-mailed the person who first alerted me to this issue saying, simply, "Common sense prevails, for once."

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