In February, Lavante hosted a regional roundtable dinner discussion in the greater Dallas area. Joining the conversation were financial minds from Alcon, Flowserve, Trinity Industries, AutoNation, the BNSF railway, Occidental Petroleum, Lehigh and Genband, who gathered together to discuss critical issues facing their company and departments. A lively discussion was held over dessert about “What pain is your department feeling at present?” On the top of everyone’s mind was, “how will 1099 legislation included in the new health care bill ultimately take shape?”
Participants had varying degrees of uncertainty about how the legislation would affect their companies in the coming months. Even with knowledge of the ongoing repeal actions, there was an overall consensus that the issue of 1099 reporting changes has been evolving for over 15 years, and that some form of change is inevitable. An AP manager from a F1000 company expressed that if the original law were enacted, their company would experience an increase from 2,500 1099 applicable vendors to over 20,000 applicable vendors. She stated her approach as, “I am going to move forward assuming that the law will pass in some form. I can’t afford not to be prepared!” This was the collective opinion of the room.
We will continue to monitor the changes to the 1099 laws, so check back to The Hub or subscribe to receive automatic updates.
Lavante hosts an ongoing series of regional finance professionals discussion session. Please contact us directly if you would like to find out more.