Latest News Other News JA pushes for repeal of the IRS 1099 requirement

JA pushes for repeal of the IRS 1099 requirement

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The association is urging members and non-members to call on their representatives to support legislation, which would repeal the regulation, included as part of health care reform

(NEW YORK) – Jewelers of America (JA), the national trade association for businesses serving the fine jewelry retail marketplace, is calling on Congress to pass legislation that would repeal the IRS 1099 reporting requirement. JA’s campaign – launched January 20th through its Legislative Action Center – had, as of the beginning of February, prompted more than 100 jewelry businesses to support 1099 repeal through digital Action Alerts.

Beginning in January 2012, the regulation will require businesses to file an IRS Form 1099 for any vendor to which they pay more than $600 annually. Previously, businesses only had to file 1099 forms for individuals/partnerships performing professional services (such as independent contractors) that crossed the $600 threshold.

This new regulation will place an undue burden on small businesses, increasing the time and money spent during tax preparation.

Through its campaign, JA is mobilizing its membership and others in the trade to contact their Congressional representatives and ask them to support repeal of the IRS 1099 requirement.  Several bills have been introduced to repeal the provision. Rep. Daniel Lungren (R-CA) introduced H.R. 144 in the House, while Sen. Max Baucus (D-MT) introduced S.72 in the Senate. A second Senate bill, S.18, was also introduced by Sen. Mike Johanns (R-NE).

“Jewelers of America, its members and the jewelry industry at large must send a strong message to Congress,” says Matthew A. Runci, Jewelers of America President and CEO. “Legislators on both sides of the aisle and President Obama support repeal of this burdensome regulation, but we need to rally behind them to ensure efforts to pass this legislation are not stalled.”

To take action and support JA’s campaign for the repeal of IRS 1099, members and non-members should visit JA’s Legislative Action Center (www.capwiz.com/jewelers/), located in the “Legislation & Regulation” section of JA’s website, www.jewelers.org.  Users are able to directly e-mail their legislators and combine their own messages with JA’s suggested talking points. The system automatically identifies users’ Congressional representatives when they enter their zip code.

 
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