Remember recently, the USA Chamber of Commerce was belly aching about the 1099 Form?

...“Today the Senate obstructed a measure (click title to entry - thank you) that would’ve prevented an avalanche of new paperwork for small business owners. Their refusal to recognize that small businesses will now be forced to spend precious time and resources reporting to the federal government rather than producing, growing, and creating jobs for Americans demonstrates a fundamental misunderstanding about the challenges facing this economy. In this economy, there is little defense for supporting oppressive regulations on small businesses that will hamper their ability to put people back to work.”...



The US Chamber of Commerce should not be surprised the Republicans OBSTRUCTED a pet project, because, it was President Reagan that instituted it in the first place.  For political purposes alone, Republicans are not about to change legislation they coveted in the first place.


The Interest and Dividend Tax Compliance Act (click here) was enacted into law in 1983 in order to repeal tax withholding requirements for interest and dividends paid and replace them with a system of backup withholding and information reporting....

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Tax compliance law requires that all payers of interest or dividends supply payees with a 1099 information return that is simultaneously reported to the IRS. For U.S. citizens, a correct taxpayer identification number (TIN) must be supplied by the payee via form W-9....