I’m not a political person—sometimes that’s to my advantage and sometimes not. However, in this case, I was thrilled to read that the U.S. Senate voted to repeal a controversial 1099 provision that would have required small businesses to report to the IRS all payments above $600.
Those of us who knew about this provision were appalled at its absurdity. Imagine, having to report every single purchase we made—whether for office supplies, books, or equipment to run our companies, etc.
On the one hand, the government in the United States supports small business, and on the other they wanted us to comply with ridiculous reporting to bog us down.
They got smart. Now the repeal awaits President Obama’s signature. Read More…