The 1099 IRS reporting provision enacted in the Patient Protection and Affordable Care Act was finally repealed by both the House and the Senate today. The mandate would have cost private clubs untold amounts of money and time as they tracked purchases to determine when they reached the $600 threshold during the year, struggled to acquire taxpayer identification numbers and take time to report their transactions. With the action taken in the Senate today, those concerns are no longer an issue for private clubs.
The task of repealing this onerous paperwork and administrative nightmare took nearly one full year, but today’s vote is a significant victory for the club industry and small businesses across the country. The final hurdle was overcome when the Senate passed the House’s repeal bill today at 12:40 p.m. Senators overwhelmingly approved the measure by a vote of 87-12.
The President will receive the bill later today and should sign off on the repeal within the next week. Once that occurs, one of the worst parts of the new health care reform law will be gone.
Of course, many thanks must be given to all NCA members who helped repeal this unfortunate mandate. Those of you who sent in our letter and contacted your members of Congress should be congratulated for a job well done.
Together, we made a difference in Washington and, finally, Washington actually did the right thing to ensure private clubs would not be overwhelmed with recordkeeping and filing responsibilities or much higher accounting bills in the very near future.