December 15, 2010
Scott Mulhauser/Erin Shields
Baucus Urges Senate Passage of Bill to Reduce Small Business Paperwork Burden
Finance Chair disappointed with obstruction of critical measures to help small businesses grow and create jobs, vows continued push
Washington, DC – Senate Finance Committee Chairman Max Baucus (D-Mont.) today urged the Senate to pass legislation that would eliminate form 1099 paperwork requirements for small businesses. Eliminating the bookkeeping and filing requirements would free up resources for small businesses to grow and create jobs. Baucus today asked for unanimous consent in the Senate to eliminate the additional reporting requirements for small businesses, but members objected to passing the measures.
“Small business owners want us to repeal form 1099 reporting requirements so they have additional resources to grow their businesses and hire new workers,” Baucus said. “Today we should have – and could have – delivered the paperwork relief small businesses need. Eliminating these paperwork requirements is a simple, common-sense idea that Senators on both sides of the aisle support and it is deeply disappointing to see partisanship stand in the way of progress for small business owners.”
Baucus has been a leader in the effort to repeal new requirements for small businesses to report payments made for goods and services using forms 1099, and a total of 95 Senators have supported repealing the 1099 reporting requirements in the past. Small business owners have expressed concern that the resources required in January 2012 to complete the forms may be more than they can accommodate. Accordingly, in November of this year, Baucus introduced legislation to repeal these requirements, freeing up more time and resources for small business owners to expand their businesses and hire new workers. Repealing these requirements this year would give small business owners the certainty of knowing they do not have to prepare to implement these new recordkeeping and recording provisions in 2012.