Obama Acknowledges The New Form 1099 Rules Need To Be Looked At

During his press conference today, President Obama acknowledged that the new Form 1099 rules needed to be looked at. He said that they were “probably counterproductive.”

“That’s something we should take a look at,” he said.

Let’s hope Congress repeals these new rules. If you are not yet familiar with what they require–effective January 1, 2012, if you are in business and buy more than $600 in goods from any person during the course of a calendar year, including a corporation, you will have to issue a Form 1099 to that person or face stiff penalties. So, for example, if you spend $100 a month at your local office supply store, you will have to issue that office supply store a Form 1099.

About Joe Wallin

Joe Wallin focuses on emerging, high growth, and startup companies. Joe frequently represents companies in angel and venture financings, mergers and acquisitions, and other significant business transactions. Joe also represents investors in U.S. businesses, and provides general counsel services for companies from startup to post-public.
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