Senate keeps healthcare reform tax filing requirement
An effort to reduce the amount of paperwork that will be necessary for LLC entities and other types of businesses under healthcare reform has failed to pass the U.S. Senate. The Associated Press reports that lawmakers were unable to come to an agreement about the proposal on Monday.
The provision being discussed would force millions of businesses in the United States to file tax forms for each vendor that provides them with more than $600 in goods, starting in 2012.
There are politicians on both sides of the aisle who oppose the law, the news source says, pointing out that even some Democrats "now acknowledge that the filing requirement would be a paperwork nightmare for businesses."
Measures to eliminate this requirement were introduced by Democratic Senator Max Baucus of Montana and Republican Senator Mike Johanns of Nebraska.
Healthcare reform has been a contentious topic for both politicians and entrepreneurs undergoing the business filing process, and the final outcome is still to be determined. According to another report from the AP, Health and Human Services Secretary Kathleen Sibelius has predicted that the U.S. House will pass a repeal of the legislation.