Sunday, November 28, 2010

Just in from Washington


AFBF Urges Repeal of Form 1099 Requirement in Health Law

Washington--American Farm Bureau Federation President Bob Stallman wrote to members of the Senate today urging them to support legislation, including pending amendments to S. 510, the FDA Food Safety Modernization Act, to repeal Form 1099 tax reporting requirements that are part of the massive health care law.

“Beginning in 2012, farms, ranches and other businesses will be required to complete an IRS Form 1099 for all payments, including goods and services, aggregating $600 or more in a calendar year to a single non-employee payee. The negative impact of new reporting requirements on farmers and ranchers is further compounded by increased penalties for the failure to comply that were passed as part of the Small Business Jobs Act of 2010,” Stallman wrote.

“Farm and ranch businesses are overburdened with tax paperwork and reporting obligations, and the additional reporting requirements will further increase the cost and complexity of complying with the tax code. In addition to increasing costs, added paperwork will consume valuable time that would be better used to manage farm or ranch businesses,” Stallman wrote.

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