MRAA asks Senate to repeal 1099 requirement - Trade Only Today

MRAA asks Senate to repeal 1099 requirement

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The Marine Retailers Association of America sent a letter to U.S. Sens. Harry Reid, D-Nev., and Mitch McConnell, R-Ky., urging them to support an amendment to repeal the expanded IRS Form 1099 reporting requirement for small businesses.

"It supports full repeal of the expanded 1099 reporting requirement where small businesses would have to report all purchases that exceed $600 per year from a vendor," the MRAA wrote. "We hear every day from our members how difficult and time-consuming it will be to keep track of these purchases required under the onerous mandate of the [Patient Protection and Affordable Care Act]."

The MRAA also is urging the senators to support an amendment offered by Sen. Mike Johanns, R-Neb., not one that might be offered by Sen. Robert Menendez, D-N.J., because the first is simple and straightforward and the second would place a condition on the repeal.

The MRAA is urging its members to contact the senators about this issue and there is contact information in their letter.

Click here for the full letter.

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