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SBA Backs Repeal of 1099 Reporting

In an open letter to small business owners, SBA Administrator Karen Mills described requirements that small businesses report all transactions greater than $600 as "burdensome," and called for their repeal.

By Michelle A. Samaad | Updated on November 23, 2010

In an open letter to small business owners, SBA Administrator Karen Mills described requirements that small businesses report all transactions greater than $600 as “burdensome,” and called for their repeal.

Under the Affordable Care Act, all businesses that pay another individual or business $600 or more for goods or services starting in 2012 will be required to issue 1099s. The Small Business Paperwork Relief Act, introduced by Sen. Max Baucus (D-Mont.), would repeal this provision.

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