MRAA: Health care bill includes accounting requirement

Published online: Jul 13, 2010 News Trade Only Today
Viewed 392 time(s)

The new health care bill will impose significant burdens on businesses by requiring them to issue a Form 1099 to all vendors from which the business does more than $600 per year in purchases, the Marine Retailers Association of America said in an advisory to its membership.

To meet this new requirement, which goes into effect in 2012, businesses will have to keep track of all purchases they make by vendor. For example, if a self-employed individual makes numerous small purchases from an office supply store during a calendar year that total at least $600, the individual must issue a Form 1099 to the vendor and the IRS showing the exact amount of total purchases.

"The problem has a very broad reach," the MRAA said. "According to an analysis by the Internal Revenue Service, about 40 million businesses and many entities will be subject to the new requirement, including roughly 26 million non-farm sole proprietorships, four million S corporations, two million C corporations, three million partnerships, two million farming businesses, one million charities and other tax-exempt organizations and more than 100,000 government entities."

The MRAA recommends that all marine retailers consult with their accountants on this new requirement.

You May Also Be Interested In...

April 15, 2015

Houseboat Travels To Puerto Rico For New Christian Bale Movie

A 1960s River Queen houseboat is making the exciting trip to Puerto Rico to take part in a 20th Century Fox film called "The Deep Blue Good-by," starring Christian Bale.
April 08, 2015

A Beautiful And Tragic Show Of Love

In a brave display of courage and love, 74-year-old Everett McGowin dove into the swift, cold waters of the Fraser River near Vancouver, Canada, in an effort to save his wife...
April 03, 2015

66 Days At Sea

After being lost at seafor 66 days, Louis Jordan has been rescued 200 miles off the coast of South Carolina.
April 01, 2015

California Fishing-License Purchases Are Dropping

If fishing is your game, you might want to take the luring call of California lakes with a grain of salt.
March 30, 2015

The Mini Bike Is Back!

The Downtube Mini Shimano Nexus 8SP Folding Bike has answered the call of demand and is back on the market!
Follow us on Facebook!   Follow us on Instagram!   Follow us on Pinterest!   Follow us on YouTube!