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The Hill: Graves and Snowe Demand Answers on 1099 rule

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By Jay Heflin; The Hill Sen. Olympia Snowe (R-Maine), the Small Business Committee's ranking member, on Wednesday expressed outrage over the Small Business Administration (SBA) failing to submit comments to the Treasury Department on the new rule beginning in 2012 that requires businesses and organizations submit a form 1099 to the Internal Revenue Service (IRS) for purchases over…

The Hill: Graves presses IRS for answers on 1099 rule

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Tags: Health

By Jay Heflin; The Hill House Small Business Committee ranking member Sam Graves (R-Mo.) on Tuesday sent a follow-up letter to Internal Revenue Service (IRS) Commissioner Doug Shulman asking how he plans to implement the 1099 reporting rule included in the new healthcare law that requires businesses and organizations to report all purchases above $600 to the IRS.  Graves sent a…

Wall Street Journal: Small Businesses Prepare for Health Care Changes

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Tags: Health

By Sarah Needleman; Wall Street Journal Several provisions of the health-care overhaul that go into effect on Thursday will expand the amount of coverage that many small-business owners provide their employees. But the changes are also expected to increase insurance premiums. The changes include restrictions on annual limits; new appeals processes; the extension of dependent coverage…

Business Week: Small Businesses Skip the Health-Care Tax Credit

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Tags: Health

By David Lerman and Liz Smith; Bloomberg BusinessWeek Sales are off by 20 percent this year at Image Computer, which repairs printers in suburban Detroit. So President Steve Olis is worried about whether he can continue paying the $71,000 a year it costs him to provide health insurance for his employees. The Obama Administration's answer for Olis and other small-business owners: a…

The Hill: Taxpayer advocate concerned by reporting mandate in health reform

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Tags: Health

By Jay Heflin; The Hill National Taxpayer Advocate Pam Olson on Wednesday raised concern in a report to Congress about requiring businesses to document most of its purchases to the IRS. To improve tax compliance, the recently enacted health reform bill mandates purchases of $600 or more by businesses, tax-exempt organizations, or federal, state and local governments be submitted to…

Associated Press: FACT CHECK: Tax cut math doesn't add up for some

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Tags: Health

By Ricardo Alonso-Zaldivar; Associated Press Zach Hoffman was confident his small business would qualify for a new tax cut in President Barack Obama's health care overhaul law. But when he ran the numbers, Hoffman discovered that his office furniture company wouldn't get any assistance with the $79,200 it pays annually in premiums for its 24 employees. "It leaves you with this feeling…

Associated Press: Small Business Lobby to go to Court on Health Law

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Tags: Health

By Ricardo Alonso-Zaldivar; Associated Press Attorneys general and governors for 20 states won't be alone in their legal challenge to President Barack Obama's health care overhaul. The nation's most influential small business lobby is going to court with them. The National Federation of Independent Business will join the argument that Americans cannot be required under the…

Investor's Business Daily: ObamaCare Tax Law Is Bad Prescription For Small Business

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Tags: Health

By David Hogberg; Investor's Business Daily A little-noticed provision in the new health care law may not only dramatically increase paperwork for small businesses, but also put them at a disadvantage against their larger competitors. At issue is the law's Section 9006, which is supposed to generate tax revenues by expanding the reporting requirements for 1099 tax forms. Under…

RealClearMarkets: Healthcare's Impact On the Low-Skilled Worker

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Tags: Health

By Diana Furchtgott-Roth; RealClearMarkets Low-skilled workers have some of the highest unemployment rates in America. Adults without high school diplomas face an unemployment rate of 14.5%, almost three times as high as rates for college graduates, and well above the national average of 9.7%. The unemployment rate for teens, another low-skill group, is 26%. Reasonable people likely…

CNN Money: Health care law's massive, hidden tax change

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By Neil deMause; CNN Money An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork. Section 9006 of the health care bill -- just a few lines buried in the 2,409-page document -- mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or…