ALEXANDRIA, Va. — The National Community Pharmacists Association expressed its support of the Senate's decision to repeal the 1099 tax reporting mandate for businesses.
The Senate announced it passed an amendment that repealed a requirement for businesses to file 1099 forms with the Internal Revenue Service beginning in 2012 any time they spend more than $600 a year with any other business. NCPA EVP and CEO Kathleen Jaeger said that the business tax provision would have shifted community pharmacies focus from "clinical to clerical."
“We applaud the Senate for this bipartisan vote to repeal the 1099 provision, because full compliance with this requirement would prove daunting for independently owned pharmacy small businesses with limited staff and financial resources," Jaeger said. "Most importantly, our patients would suffer because the pharmacists would have less time to spend with them [to provide] invaluable prescription drug services and counseling."