Small biz against more tax filings law
TEXT OF STORY
BILL RADKE: The Senate starts work this week on a measure to support small-businesses and a test vote comes today. Republicans want to roll back a new rule that makes a business owner’s tax return more complicated.
From the Entrepreneurship Desk at Oregon Public Broadcasting, Mitchell Hartman reports.
MITCHELL HARTMAN: The new rules are designed to catch tax cheats. Businesses will have to file 1099 forms for everything they buy over $600 — office supplies, software-you name it. That has groups like the Small Business and Entrepreneurship Council barking mad.
Member Barbara Werner was at her Virginia garden store when I called.
BARBARA WERNER: The blessings of a small business is that I have my dogs with me. Get over here. Come on!
Werner is facing a mountain of new paperwork for the IRS.
WERNER: A thousand 1099s for the businesses that I purchase from? It would be staggering.
CPA Cap Willey of the National Small Business Association says his group backs a Republican amendment to repeal the provision. Then, the Senate bill should be passed — to cut business taxes and get credit flowing again.
CAP WILLEY: Small business lending has pretty much dried up, so it’s going to be a critical aspect to get the SBA back in gear.
The bill would restore money for SBA loans and provide up to $30 billion to community banks.
I’m Mitchell Hartman for Marketplace.
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