Legislative / Regulatory

Score! CPAs help to upset the 1099 rule

VCU upset In my last post, I used March Madness as my metaphor for the last three weeks of our Legislative session in Maryland.

Staying with that theme, we scored a major upset (not sure it is as big as VCU this weekend) with the passage of the 1099 repeal by the House at the federal level.

And another surprising victory came as the changes to Tax Strategy Patents passed the Senate on March 8. 2011.  We have been working on this for the past eight (8) years!

One more just came up from  our Government Contractors Committee, the request to repeal the 3% withholding  requirement for vendor payments related to federal, state, and local contracts (section 511) set to go into effect on January 1, 2012. See our letters  Download Rep. Bartlett - Repeal 3% Tax Withholding Mandate and Download Sen. Mikulski - Repeal 3% Tax Withholding Mandate . We are just starting out in this bracket.

Overall, these are major victories for CPAs and business and issues that consistently come up in our town hall meetings.

We continue to make major progress in Maryland - see our post for the latest updates here.

See our prior posts on these issues here:

Are you in violation of a tax patent?

We are looking out for you at the federal level

CPAs are crying foul over 1099s

The Power of We!