Monday, February 8, 2016
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Preview the Paper Preview the Paper

Preview this week's Paper
A limited number of pages are displayed in this preview.
Preview this Week’s Issue ›
Subscribe Today ›

Lost & Found

Bear, please come home! Missing since October 22, 2014, black Manx cat (no tail), shy. Reward! Help him find his way home. 210-635-7560.
Found: Basset Hound, Hwy. 97 W./Hospital Blvd., Floresville. Call 830-391-2153 between 9 a.m.-11:30 p.m.
*Includes FREE photo online! mywcn.com/lostandfound
More Lost & Found ads ›

Help Wanted

Your #1 Advertising Resource! Call 830-216-4519.
Globe Energy Services is accepting applications for Vacuum truck driver operator, Winch truck driver operator for Karnes City terminal, and mechanic for Kenedy or Nixon area, competitive pay, great benefits. For more information, 830-400-2717. All interviews must be scheduled and must be performed in person.
More Help Wanted ads ›

Featured Videos





Video Vault ›
G&R Heating & AirThe Lyssy Group 13 week packagePursch with auto package

Breaking News


NNA applauds house action to roll back 1099 reporting rule




E-Mail this Story to a Friend
Print this Story
Contributed
March 7, 2011, 1:04pm
2,839 views | Post a comment

The National Newspaper Association today applauded a 314-112 vote in the U.S. House of Representatives to roll back onerous new tax reporting requirements. NNA President Elizabeth K. Parker, co-publisher of Recorder Community Newspapers Inc. in Stirling, NJ, said the vote was a step forward.

The House approved H.R. 4, sponsored by Rep. Daniel Lungren, R-CA, to restore requirements for tax form 1099 that were in place before the health care reform legislation dramatically ramped up the reporting rules.

Parker said, “The House recognized that this new burden on small businesses during the nascent economic recovery would add costs at the wrong time, deplete jobs and increase the paperwork both in our businesses and at the Internal Revenue Service. Congress wisely revisited that issue today, and restored business to a common-sense requirement.”

The 1099 rules, unless repealed, would require businesses to report expenditures with virtually any business if more than $600 per year was spent. Streams of new paperwork have already begun in American commerce as large corporations have begun to push out requests for tax identification numbers, in an effort to be ready for compliance with the new rule by 2012. The original rationale behind increased reporting was to collect tax revenue from scofflaws. But Parker noted that even IRS had admitted that the flood of paperwork about to flow into the agency would be unmanageable.

Though the Senate has also voted to roll back the new requirements, the House and Senate bills do not match in the manner by which Congress would off-set the revenue it expected to get from new 1099 reporting. The White House has said it opposes the House bill’s method of paying for the roll-back.

Parker urged the Senate to pass HR 4 and send the repeal bill to the President as soon as possible, and said she hoped President Obama would quickly sign the legislation.

“The compliance cost for the 1099 ramp-up has already hit small businesses. We need prompt action to turn this effort off before even more money is lost,” she said.
 

Your Opinions and Comments


Be the first to comment on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

Breaking News Archives


Connally Memorial MC breaking news banner
Malcolm's Custom Welding
Southern Electric
Triple R DC ExpertsAllstate & McBride RealtyVoncille Bielefeld homeEast Central Driving SchoolHeavenly Touch home

  Copyright © 2007-2016 Wilson County News. All rights reserved. Web development by Drewa Designs.