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President of NFIB Talks About the Proposed Repeal of the 1099 Rules and QE2
November 30, 2010
The economy is tough as it is - recent legislation added an additional burden on small businesses when laws were passed that would require all small businesses to file IRS form 1099 for any provider of good or services in excess of $600 (for the year).
What is the big deal?
It is an enormous hassle. The instructions alone for the 1099 are 8 pages (see here), you have to provide a copy to the 1099 to both the provider and the IRS, and you have to take the time to do it. You buy sodas for your break room - you now have a tax filing. Pay your accountant to prepare a business return - 1099 them. Pay someone to maintain the parking lot - 1099 them. Buy a computer - 1099 them.
What about QE2?
This refers to the Feds purchase of $600 billion in Treasury Bonds. "QE" means "Quantitative Easing" - in actuality, it means that money was created. The Fed buys securities using what is essentially a blank check from the government.
Will this mean more money for small businesses?
Dan Danner talks to Mike Siegel in this informative interview on the Boss Business Brief.
Who is Dan Danner?
Donald A. "Dan" Danner was named president and CEO of the National Federation of Independent Business, the nation's leading small business association, in February, 2009. Danner is only the sixth president in the history of the organization.
Before rising to the top spot, Danner was executive vice president, overseeing NFIB's federal and state public policy and political activities as well as the organization's three 501 (c) 3 operations: the Research Foundation, Small Business Legal Center and the Young Entrepreneur Foundation. He came to NFIB in 1993 as vice president of the NFIB Education Foundation (now known as the Young Entrepreneur Foundation) and was named vice president of federal public policy in 1995.
Previously, he was chief of staff to the U.S. Secretary of Commerce. Danner also worked in the White House Office of Public Liaison, where he was special assistant to the president and deputy director of the department. Before joining the White House staff, Danner was an executive with Armco Inc., a steel manufacturing company. He held leadership positions in sales and marketing, as well as state and federal lobbying on issues such as energy, environment, taxes and trade. He also served four years as vice president of federal relations at George Mason University.
What is the big deal?
It is an enormous hassle. The instructions alone for the 1099 are 8 pages (see here), you have to provide a copy to the 1099 to both the provider and the IRS, and you have to take the time to do it. You buy sodas for your break room - you now have a tax filing. Pay your accountant to prepare a business return - 1099 them. Pay someone to maintain the parking lot - 1099 them. Buy a computer - 1099 them.
What about QE2?
This refers to the Feds purchase of $600 billion in Treasury Bonds. "QE" means "Quantitative Easing" - in actuality, it means that money was created. The Fed buys securities using what is essentially a blank check from the government.
Will this mean more money for small businesses?
Dan Danner talks to Mike Siegel in this informative interview on the Boss Business Brief.
Who is Dan Danner?
Donald A. "Dan" Danner was named president and CEO of the National Federation of Independent Business, the nation's leading small business association, in February, 2009. Danner is only the sixth president in the history of the organization.
Before rising to the top spot, Danner was executive vice president, overseeing NFIB's federal and state public policy and political activities as well as the organization's three 501 (c) 3 operations: the Research Foundation, Small Business Legal Center and the Young Entrepreneur Foundation. He came to NFIB in 1993 as vice president of the NFIB Education Foundation (now known as the Young Entrepreneur Foundation) and was named vice president of federal public policy in 1995.
Previously, he was chief of staff to the U.S. Secretary of Commerce. Danner also worked in the White House Office of Public Liaison, where he was special assistant to the president and deputy director of the department. Before joining the White House staff, Danner was an executive with Armco Inc., a steel manufacturing company. He held leadership positions in sales and marketing, as well as state and federal lobbying on issues such as energy, environment, taxes and trade. He also served four years as vice president of federal relations at George Mason University.
