President Obama Backs Fix to Landlord 1099 Requirement
In his State of the Union address last Tuesday, while speaking about health care reform, President Obama made reference to his desire to correct “a flaw in the legislation that has placed an unnecessary bookkeeping burden on small businesses.”
In the reference, the President showed his continuing support for amending an accounting requirement contained in the 2010 health care bill which will require small businesses, including landlords who pay $600 or more for goods or services to issue 1099’s beginning in 2012.
The Small Business Jobs Act has a similar provision which went into effect this month, and relates to virtually all rental property owners who pay $600 or more for services.
It is not clear from the comment if Obama would back amending both measures.
It is estimated that the added cost of preparation of the 1099 forms will burden small businesses, which is counter to Obama’s other strategies to spur the economy.
The latest attempt to repeal the 2012 requirement was recently rejected by a senate budget committee.
Thanks to the purchasing power of our membership, the American Apartment Owners Association has arranged for real estate attorneys, eviction services and legal documentation companies to offer special pricing on their services. Visit our Legal Services page to find a legal expert in your area.
American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
Accessibility