Many companies welcome the repealing of the healthcare reform's 1099 proposal
April can be a stressful time for individuals and companies as they prepare their taxes. However, small businesses recently dodged piles of paperwork after the U.S. Senate voted on a bill to repeal the healthcare reform bill's 1099 requirement.
The legislation called for taxpayers to report to the Internal Revenue Service (IRS) transactions valued at more than $600. However, officials said that this measure would have been an overly burdensome and costly tax-reporting obligation.
"Considering that an average owner-operator will fuel up their truck with over $600 worth of fuel more than 100 times each year and that almost every equipment maintenance bill they pay is for $600 or more, the new requirements would have been extremely cumbersome and costly," said Todd Spencer, Owner-Operator Independent Drivers Association executive vice president.
Online truck driving regulation training may help owner-operators learn about certain tax laws that impact the industry.
According to the Owner-Operator Independent Drivers Association, nearly 93 percent of motor carriers registered with the Federal Motor Carrier Safety Administration have fewer than 20 trucks in their fleet. Meanwhile, approximately 78 percent of motor carriers have fleets of just five or fewer vehicles.
By Anna Byrne
Monday, April 18th, 2011
April can be a stressful time for individuals and companies as they prepare their taxes.