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ASBA CEO APPLAUDS REPEAL OF EXPANDED 1099 REPORTING
Requirement Would Have Been Burdensome on Small Businesses
(Phoenix, April 15, 2011) – The Arizona Small Business Association’s Chief Operating Officer, Donna Davis, applauds the repeal of the expanded Form 1099 reporting requirement, which has been signed by President Barrack Obama.
"Small business owners can breathe a little easier now that this onerous and burdensome reporting requirement has been eliminated,” stated Donna Davis, CEO of the Arizona Small Business Association (ASBA). "It is always refreshing and helpful when Congress and the President get something productive done for small business.”
Without action, the reporting requirement was set to begin in 2012, and all companies would have been required to issue a Form 1099 to any individual or corporation from which they purchased more than $600 in goods or services in a tax year. The requirement would have placed additional burden on small business at a time when they already pay an estimated 36 percent more than their larger counterparts to comply with federal regulations.
The Arizona Small Business Association (ASBA) worked diligently to communicate with our Federal delegation the need to repeal these requirements since the law passed.
"Our elected officials heard our concerns and repealed this burdensome, unproductive reporting requirement,” added Davis. "ASBA will continue to be diligent in protecting Arizona’s small business community from onerous and/or costly legislation and public policy. "
Links to additional information on the Form 1099 issue can be at www.asba.com.
ASBA is committed to advocate for small business owners, so they can rebound and emerge stronger. Learn more about ASBA member benefits atwww.asba.com or by calling the ASBA Phoenix or Tucson offices at 602.306.4000 or 520.327.0222.
About ASBA – The Arizona Small Business Association (ASBA) is a dynamic, growing community dedicated to entrepreneurial development and business advancement. With a reach to more than 300,000 employees at nearly 5,000 member businesses, ASBA provides services at every stage of business growth. Offering resources to fulfill critical business needs, ASBA members enjoy access to the only state guaranteed-acceptance group health plan, human resource solutions and group buying power. ASBA’s Entrepreneurial Accelerator provides professional leadership mentoring coupled with on-demand access to business training. With 41% growth during the recent economic downturn, ASBA is Arizona’s leading, most experienced trade association. For more information, please visitwww.asba.com. Join ASBA. Be amAZed®
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