Senate Finance Committee Chairman Max Baucus, D-Mont., said Friday he would introduce legislation to repeal the controversial requirements for businesses to file forms that would report payments made for goods and certain services to the IRS.
The proposal was originally written to keep taxes low by giving the IRS more tools to ensure all owed taxes were paid. However, following passage of the law, some business owners expressed concern that when the provision does go into effect, the forms would place too large of a paperwork burden on businesses struggling in a still-recovering economy. In response to those concerns, Baucus said today that he would repeal the new reporting requirements and look for other ways to improve tax compliance and keep taxes low.
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