Small biz against more tax filings law

Small business

TEXT OF STORY

BILL RADKE: The Senate starts work this week on a measure to support small-businesses and a test vote comes today. Republicans want to roll back a new rule that makes a business owner's tax return more complicated.

From the Entrepreneurship Desk at Oregon Public Broadcasting, Mitchell Hartman reports.


MITCHELL HARTMAN: The new rules are designed to catch tax cheats. Businesses will have to file 1099 forms for everything they buy over $600 -- office supplies, software-you name it. That has groups like the Small Business and Entrepreneurship Council barking mad.

Member Barbara Werner was at her Virginia garden store when I called.

BARBARA WERNER: The blessings of a small business is that I have my dogs with me. Get over here. Come on!

Werner is facing a mountain of new paperwork for the IRS.

WERNER: A thousand 1099s for the businesses that I purchase from? It would be staggering.

CPA Cap Willey of the National Small Business Association says his group backs a Republican amendment to repeal the provision. Then, the Senate bill should be passed -- to cut business taxes and get credit flowing again.

CAP WILLEY: Small business lending has pretty much dried up, so it's going to be a critical aspect to get the SBA back in gear.

The bill would restore money for SBA loans and provide up to $30 billion to community banks.

I'm Mitchell Hartman for Marketplace.

About the author

Mitchell Hartman is the senior reporter for Marketplace’s Entrepreneurship Desk and also covers employment.

Comments

I agree to American Public Media's Terms and Conditions.
With Generous Support From...