1099 tax-reporting measure a go despite efforts to stop it

The U.S. Senate this week defeated efforts to eliminate a controversial tax-reporting provision from the Patient Protection and Affordable Care Act that will require dentists and other small businesses to report purchases of more than $600 per year to the Internal Revenue Service.

But a separate small business aid bill approved by the Senate today could offset the impact of the new 1099 reporting requirements by opening up lending for small businesses and reducing taxes on small businesses.

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