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August 5, 2010    
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Assistant Managing Editorís Note
Bill Grabarek, Assistant Managing Editor Attempts in the House of Representatives to repeal an IRS filing requirement failed late last week. The measure, contained in the new health care legislation, sought to repeal a requirement of businesses to report to the IRS purchases from vendors worth $600 or more. Republicans balked at the measure because of the Democrats' proposal to curb foreign tax credits that multinational firms use to lower their U.S. tax burden.

"Iím glad to see so many Democrats join Republicans and the American people in an attempt to repeal an important piece of the Democratsí health care law," Rep. Dave Camp (R-MI) said after the bill was defeated. "Unfortunately, in raising taxes and pitting large employers against small business, Democrat leaders ensured this billís defeat."

Repealing the Form 1099 requirement is supported by Democrats and Republicans, alike. That's the good news. What isn't clear as fall elections loom is whether both sides can play nice long enough to kill the mandate before it goes into effect in 2012.


Sincerely,
Bill Grabarek
Assistant Managing Editor
bgrabarek@accountingweb.com

Top News
Attempt to repeal 1099 requirement fails
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• Have you acquired any new clients lately from your website?
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Firm/State/People News
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Following is a roundup of firm news for the week of August 2, 2010.
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