You’ve been granted free access to this subscribers only article.
President eases tax filing burden
Graphic courtesy of National Drought Mitigation Center
About 26 percent of the state of Texas is in exceptional drought, and the rest in from a moderate to severe drought, according to the U.S. Drought Monitor. Download PDF of this map below.
The second time was the charm for farmers, ranchers, and small businesses across the nation when the U.S. Congress approved a bill to repeal the requirement for filing additional Internal Revenue Service (IRS) Form 1099s as approved by the 111th Congress. This compliance followed the Patient Protection and Affordable Care Act, also known as the Healthcare Law, which was approved last year.
On April 14, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayment Act of 2011, which eliminated the additional filing requirement. If he had not, farmers, ranchers, and small businesses would be required to file a 1099 form for all vendors receiving payments -- including goods and services -- of $600 or more annually, which would have taken effect in January 2012.
According to a National Federation of Independent Business (NFIB) report, “The new requirement was added to the healthcare law in an attempt to raise $17 billion to help cover the near $1 trillion cost of the new law, but has nothing to do with healthcare.” In this same report, according to an NFIB Small Business Survey, this would cost small businesses an estimated $74 an hour.
Last year, in an American Farm Bureau Federation press release, Farm Bureau cited research by accounting firm LeMaster Daniels, which estimated a typical cattle operation with $250,000 of gross income would see an increase in the number of required 1099 forms from 16 to 68. For a typical orchard with $175,000 of gross revenue, the number of forms would increase from one to 19 annually.
Congress failed in its first attempt to overturn this ruling, with S 3578 and HR 5141, both known as the Small Business Paperwork Mandate Elimination Act, which were introduced last year.
American Farm Bureau Federation President Bob Stallman released a statement after the Senate approved HR 4 April 5. “This was a costly, burdensome, and unnecessary tax compliance requirement that was counterproductive to job creation and economic growth,” Stallman said. “Farmers, ranchers, and small businesses are overloaded with paperwork, and we are pleased that our leaders in Washington took steps to provide relief.”
Your Opinions and Comments
Be the first to comment on this story!
You must be logged in to post a comment.
Agriculture Today Archives
Bull Classic Dec. 5 (November 25, 2015)
Davidson: Reduce antibiotic use, dispel beef myths (November 25, 2015)
EPA proposes changes to pesticide applicator rules (November 25, 2015)
Farm Bureau responds to beef cancer claims (November 25, 2015)
Hay & Forage Report (November 25, 2015)
Livestock disaster funding available (November 25, 2015)
Livestock Market Reports (November 25, 2015)
Llama competitors shine in state, national shows (November 25, 2015)
Plan to attend grazing lands conference (November 25, 2015)
Plant cool weather veggies (November 25, 2015)
Rancher’s Choice bull sale Dec. 5 (November 25, 2015)
Skills team places sixth (November 25, 2015)
TPWD announces annual trout stocking (November 25, 2015)
All Breed Bull Sale Nov. 21 in Nixon (November 18, 2015)
Clean Water Rule continues to make waves in Congress (November 18, 2015)
Conservation Service: Tips for planting winter pastures (November 18, 2015)
County committee elections begin (November 18, 2015)
Hay & Forage Report (November 18, 2015)
Here’s the beef: Patterson wins FFA national title (November 18, 2015)
Livestock Market Reports (November 18, 2015)
Moczygemba: Angus group CEO (November 18, 2015)
Onion recommendations (November 18, 2015)
A river runs through it: River changes spark border dispute (November 11, 2015)
Cold-sensitive oriental hibiscus (November 11, 2015)
Gov. Abbott: EPA’s Clean Power Plan is ‘power grab’ (November 11, 2015)
Hay & Forage Report (November 11, 2015)
Knowles winner of mule deer hunt package (November 11, 2015)
Letter: A war on Texas: Bureau of Land Management vs. Texas ranchers (November 11, 2015)
Livestock Market Reports (November 11, 2015)
Palo Alto College hosts FFA leadership conference (November 11, 2015)
Rodeo athletes place in Hallettsville contest (November 11, 2015)
‘Old Iron’ club show canceled! (November 11, 2015)
Antique Farm Equipment Demonstration and Field Day, Nov. 14 (November 4, 2015)
Cattlemen’s seminar Nov. 14 in Kosciusko (November 4, 2015)
Hay & Forage Report (November 4, 2015)
Impacts of rural land loss (November 4, 2015)
Livestock Market Reports (November 4, 2015)
Rain can be blessing, curse for farmers (November 4, 2015)
Ranch Rodeo fun in Nixon (November 4, 2015)
Ranching event set for Nov. 11 in Panna Maria (November 4, 2015)
Tips for spraying broccoli, cabbage (November 4, 2015)
Wet winter, spring is good news for hunters (November 4, 2015)
November 2015 Gardening Calendar (November 1, 2015)