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. Previousl
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