The National Restaurant Association (NRA) issued the following statement from Scott DeFife, executive vice president for policy and government affairs, regarding the recent U.S. Senate votes on repealing the expanded 1099 reporting requirement:
"Although the Senate could not reach an agreement [on Sept. 14], it is clear that repealing the expanded 1099 rules has bipartisan support in Congress and it seems the only roadblock is that lawmakers cannot agree on how best to pay for it. We urge policymakers to remain committed to repealing this far-reaching rule that would place a significant burden on restaurants and businesses across the country. Tax paperwork and compliance are already major expenses for restaurants that operate on thin profit margins, and the expanded reporting requirement will greatly increase those costs."
An amendment from Sen. Mike Johanns (R-Neb.) that would provide full relief from the new reporting requirements, and an amendment by Sen. Bill Nelson (D-Fla.) that would reduce the number of taxpayers subject to the requirements, both failed to reach the 60 votes needed to proceed in the Senate. The Small Business Jobs and Credit Act, on which the amendments were offered, is supported by the NRA. For more information, visit