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01/06/11
It's expected the Internal Revenue Service will issue certain documents that include exclusions and other guiding information for exceptions. There are those in the
legal profession who say these details should have been ironed out prior to this becoming law, especially since failing to file proper 1099s can result in fines anywhere between $60 and a whopping $250,000. Needless to say, there are many who are less than pleased with this new law. They're calling this latest effort ''mindless and endless'' and say too many of the nation's congressmen and women have no experience operating small businesses. One New York owner of a property management company is quoted in today's Washington Examiner, ''Clearly those bozos need to drink a big gulp of common sense''. His verbalization of his frustration is not uncommon. Many rental property owners around the country agree and are hoping the new Republican majority in the House of Representatives will get to work repealing this law, especially since many campaigned on a platform of anti-tax.
Senator Mike Johann (R-Neb.) is focusing much of his attention in this new term to addressing the overwhelming paperwork business owners already are required to fill out. The passage of Obamacare only added to that burden and now here's yet another filing that must be executed.
Time will tell; however, it looks as though short of any combined efforts via the new House and Congress, this law is here to stay.
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