LoBiondo: "IRS Right to Back Down on 1099-K Reporting Mandate Targeting Small Businesses"

Press Release

By:  Frank LoBiondo
Date: Feb. 10, 2012
Location: Washington, DC

U.S. Representative Frank A. LoBiondo (NJ-02) today applauded the Internal Revenue Service's (IRS) decision not to require small businesses to reconcile and report all of their credit card transactions under the 1099-K reporting mandate.

"The IRS is right to back down on the 1099-K reporting mandate that targeted our small businesses. The 1099-K requirement would have been burdensome and costly on South Jersey employers who rather focus their time and energy to running their business and creating jobs. Once in a while common-sense wins out and today is that day," said LoBiondo.