For some of our members, this would mean filing 50% more 1099s, adding in some cases as much as $5,000 per year in additional compliance and accounting fees. As firms are forced to use more accountants, file more paper or purchase software to meet the new 1099 requirement, it is likely that overall compliance costs would exceed $17 billion—the figure that the Joint Committee on Taxation estimated it would raise in taxes. This provision poses an undue burden on small businesses. It needs to be repealed.
Vice president of public advocacyCompTIAWashington