If every small-business in America missed just one 1099 it would generate an estimated $10 billion in revenue to the government every year
Fort Walton Beach, FL (PRWEB) October 4, 2010
The Small Business Job and Credit Act will fine small-business owners billions for not filing a 1099. The Patient Protection and Affordable Care Act, known as ObamaCare, had a provision requiring businesses to file a 1099 for each entity that a business had $600 in transactions or more for a calendar year, reports Boogai.net, an online news agency.
The Small Business Job and Credit Act increases the fines for not filing a 1099 to $250, and raises the aggregate fine from $250,000 to $1,500,000.
Given that there are more than 40 million small businesses in America, this could generate $10 billion or more in fines to the small-business industry.
Mark Levin utilized Boogai's article in his nationwide syndicated radio show to inform and educate small-business owners about this new fine and regulation.
Boogai.net is an online news agency that is quickly being recognized for breaking news stories of recently passed bills in Congress.
Read the full article here: http://www.boogai.net/economics/the-small-business-jobs-and-credit-act-will-kill-american-jobs/