Today House Democrats Friday reversed the repeal of controversial Internal Revenue Service reporting rules that were part of health-care legislation. The measure to repeal the rules failed in the House on a 241-154 vote.
Why did this happen? Democrats have come under increasing pressure over the IRS reporting requirements. Business groups believe it will burden small business with extra paperwork. This is the first instance of Democrats broadly calling for repeal of a part of the health-care law.
Under the health-care law, businesses beginning in 2012 will be required to file a form 1099 to the Internal Revenue Service for each supplier or service provider to which payments exceed $600 in a single year. Currently, they are already required by law to report payments to non-corporate service providers. Hoever, the health-care law broadened that to include corporate vendors and purchases of goods.
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