Jeweler Testifies to Congress Against 1099

On Feb. 9, a Maryland jewelry store owner testified on Capitol Hill about the impact of the new IRS Form 1099 reporting requirement.Seth Shipley, of Ship­ley’s Diamonds and Fine Jewelry in Hampstead, Md., spoke to the House of Representatives Committee on Small Business on behalf of the National Retail Federation. Illustrating the potential burden on his store, he explained it would take about 1,000 hours a year to complete the additional 1099 forms. (The new regulation would require businesses, beginning in 2012, to file a 1099 for any vendor that is paid more than $600 annually. Previously, businesses did that only for individuals or partnerships performing professional services that cost $600 or more.)“I am a veteran, and speaking before ­Congress was a real honor,” says Ship­­ley. His testimony came as Washington was taking action to repeal the provision. A bipartisan bill

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).


Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out