Home / Knowledge / News / Textiles / TRSA leads successful 1099 Repeal Effort
TRSA leads successful 1099 Repeal Effort
13
Apr '11
The Textile Rental Services Association of America (TRSA) applauded the U.S. Senate for passing legislation repealing the onerous tax form requirement produced in the Patient Protection and Affordable Care Act of 2010 (the healthcare reform bill).

TRSA made the Form 1099 repeal a priority issue at the association's 2011 Leadership & Legislative Conference in March in Washington. During the Conference, TRSA members went to Capitol Hill to address their concerns and the impact the requirement would have on their businesses. After contacting every U.S. Senate and House member and working in a small-business coalition to repeal expanded Form 1099 requirements, TRSA's extensive efforts in this endeavor paid off.

The association was encouraged Tuesday when the Senate voted 87-12 to approve the repeal. Not only does this seek to lift a specific onerous recordkeeping burden, it indicates the Senate might cooperate more with industries including textile services whose profits are likely to erode if they are subjected to costly new rules. That would have a positive impact on TRSA efforts to ensure fair, balanced regulation and pro-business labor, energy and tax policies of particular concern to the industry.

The repeal bill awaits President Obama's approval; he has not threatened to veto it. This measure removes the portion of the new healthcare reform law mandating that businesses track and report to the IRS most goods purchases totaling $600 or more in a calendar year from a single supplier. Companies would need to prepare and send a 1099 to each vendor with a copy to the Internal Revenue Service. Healthcare reform supporters like this idea because they think it can capture more than $20 billion in tax payments that vendors currently evade and this revenue would offset the cost of implementing health reform.

TRSA and other interests contend that the additional 1099s would amount to hundreds of transactions that small businesses do not have resources to track and process. The Small Business Affordable Healthcare Coalition, which includes TRSA, believes such entrepreneurs would exhaust capital funds to comply with this requirement—money that would be better used to reinvest in their businesses and create jobs.

“This issue unto itself is significant enough to justify our taking a leadership role among business interests in obtaining the repeal. Tax paperwork and compliance are already major expenses,” said TRSA Director of Government Affairs Kevin Schwalb. “But we also see this as a pivotal opportunity. Had this vote gone the other way, it might have been the start of a more adversarial relationship between the Senate and pro-business interests. Now we are optimistic that the House and Senate will work more closely together to support the policies we advocate and corner the Obama administration when it proposes needless, counterproductive business rules.”

TRSA's Hill meetings on the repeal have positioned the association to play an increasingly prominent role in such political machinations. “Working on general business issues like this expands our connections in Congress. We build relationships with newly elected representatives and reach out to veterans with whom we've not had much previous contact. Our increased visibility on these issues that affect the economy as a whole will be useful whenever we need to make our stand with Congress on matters especially significant to textile rental services operators.”


Must ReadView All

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Courtesy: Badger Sportswear

Apparel/Garments | On 12th Dec 2017

Badger Sportswear acquires Alleson Athletic

Badger Sportswear, a leading manufacturer of athletic apparel and...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search