Friday, September 30, 2022

Bring on the increased tax paperwork?

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The Senate on Tuesday of last week rejected two different proposals to eliminate or reduce the burden associated with a tax-compliance reporting requirement in this year’s health care law. The law requires businesses, beginning in 2012, to report annually to the IRS on payments to any vendor that total more than $600 in a tax year. Critics of the requirement say it places a large paperwork burden on many businesses – including Agriculture.

Senators voted 46-52 against limiting debate on a Republican plan, and they voted 56-42 against limiting debate on a Democratic alternative. Sixty votes are needed to invoke cloture.

The Democratic alternative would have exempted businesses with fewer than 25 employees and would raise the reporting threshold for the remaining companies to $5,000 from the $600 under the law.


 

Source:

Posted by Haylie Shipp

 

 

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