Legislation (S. Amendment 4702 attached to S. 510) that would repeal an overly burdensome tax-reporting requirement on small businesses could be voted on as early as Monday (Nov. 29, 2010). The recently revised bill, introduced by Sen. Mike Johanns (R-Neb.), would help protect firearms retailers and gun owners from a new IRS reporting requirement that would force businesses to provide 1099 forms to vendors from whom they buy goods totaling $600 or more annually. This new law is scheduled to take effect in 2012. Small businesses would need to issue hundreds or even thousands of forms each year, track cumulative payments to vendors and obtain tax identification information from each vendor. The “vendor” could be a gun owner who sells her used firearm to a retailer.
The National Shooting Sports Foundation was one of the first groups to bring this important matter to the attention of Congress and is continuing to work with members of both parties to address this problem. Recently President Obama conceded that the new Form 1099 reporting requirements are “burdensome” for small businesses and vowed to work with Republicans on a legislative fix.
NSSF is encouraging all hunters, sportsmen and gun owners to contact their senators and urge them to support Sen. Johanns’ bill.
The effort to repeal this overly burdensome requirement could be voted on as early as Nov. 29, so please call and write your senators today.
Call your United States Senator: 202-224-3121
Send a Capwiz Letter to your Senator.