Retail News Breaks
NACDS backs tax reporting amendment
February 2nd, 2011
ALEXANDRIA, Va. – The National Association of Chain Drug Stores has expressed support for a congressional amendment that would lift burdensome reporting requirements affiliated with the 1099 business tax form.
NACDS said Wednesday that the amendment was introduced by Sen. Debbie Stabenow (D., Mich.). The association noted that, for pharmacies, the reporting requirements could limit pharmacist-patient interaction and in turn impact patient care.
In a letter to Stabenow, NACDS endorsed the amendment, stating that repealing the expansion of the reporting requirements would protect many U.S. businesses from having to mail thousands of additional 1099 forms each year.
"If this provision were implemented, the 1099 reporting mandate would impose substantial paperwork and reporting burdens on the backs of nonprofits and businesses," NACDS stated in the letter. "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."
NACDS said the requirement would impose added paperwork on pharmacists, "limiting the interaction that has proved so beneficial to assure patients take medications in the most effective way to reduce costs and improve health.
"By lifting these overly burdensome requirements, your legislation helps ensure that American pharmacies can continue to focus on their patients, not needless paperwork," the letter concluded.
More Retail News Breaks >>