NACDS supports repeal of 1099 reporting mandate
ALEXANDRIA, Va. — An amendment to remove certain reporting requirements from the 1099 business tax form is winning praise from the retail pharmacy chain lobby.
The National Association of Chain Drug Stores announced Wednesday its support for an amendment introduced by Sen. Debbie Stabenow, D-Mich., that would repeal an expansion of reporting requirements that it said would burden businesses, including retail pharmacies, with thousands of additional tax forms.
“If this provision were implemented, the 1099 reporting mandate would impose substantial paperwork and reporting burdens on the backs of nonprofits and businesses,” NACDS president and CEO Steve Anderson wrote in a letter to Stabenow. “In order to comply, these entities would have to institute new and complex record-keeping data collection and reporting requirements that track every purchase by vendor and payment method."
"Further," Anderson added, "these burdensome requirements would restrict a pharmacist’s access to his or her patients by imposing added paperwork, limiting the interaction that has proven so beneficial to assure patients take medications in the most effective way to reduce costs and improve health.”