Wall St. Journal:  “The White House fights an effort to ease a burden on small business. . . . The Senate will vote on amendments to the White House small business bill that would rescind an ObamaCare mandate that companies track and submit to the IRS all business-to-business transactions over $600 annually. . . . But this ‘tax gap’ of unreported business income is largely a Beltway myth, and no less than the Treasury Department’s National Taxpayer Advocate Nina Olson says the costs will be ‘disproportionate as compared with any resulting improvements in tax compliance’.”

See “Chambers fighting paperwork mandates included in federal health insurance reforms” and a related story in the New York Times called “Many Push for Repeal of Tax Provision in Health Law” that starts:

“Many Democrats have joined Republicans in pushing for the repeal of a tax provision in the new health care law that imposes a huge information-reporting burden on small businesses.”

See also “Proposal to Repeal Tax Rules Unacceptable, Treasury Says“

Related posts:

  1. IRS Wants Online Merchants to Report Online Revenue Beginning 2011
  2. Joint Committee on Taxation, Technical Explanation of the Revenue Provisions of the “Reconciliation Act of 2010,” as amended, in combination with the “Patient Protection and Affordable Care Act”
  3. New IRS Form 1099 Rules: Stealth IRS Changes Mean Millions of New Tax Forms
  4. Fending Off Health Taxes
  5. ObamaCare vs. Small Business
  6. Billions of New Tax Forms Starting 2012: 40 Million Businesses Must Send IRS a Form 1099 to Every Party They Pay $600+ a Year
  7. The Tax Tsunami On The Horizon
  8. Obamacare Includes 3.8% Tax on Some Home Sales
  9. Health Care Bill’s 1099 Reporting Burdens Businesses
  10. Obamacare is Even Worse than Critics Thought