President Repeals ‘Burdensome’ Paperwork Requirements For Landlords

PHILADELPHIA (CBS) – With a stroke of a pen, the president has given a reprieve to people with rental properties.

President Obama has repealed a law that would have created extra paperwork for people with rental properties. David Caplan, a CPA in Lafayette Hill, said the requirement would have forced landlords to issue 1099 forms for every contractor performing work valued at $600 or more on the property. He called it a paperwork nightmare for the landlord’s accountant.

“I’m the one that has to tease out of them who they paid money to and get names and addresses, social security numbers or federal id numbers to the paperwork, get it back to them and file it with the federal government,” Caplan said.

It was designed to crack down on contractors working under the table, but Caplan said, “The bottom line was it just didn’t make sense overall and it was more of a burden for the taxpayer than the benefit the government would receive.” The requirement would have taken effect January 1, 2012.

Reported by Lynne Adkins, KYW Newsradio 1060

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One Comment

  1. Guess Who says:

    This regulation was part of the Obon gocare bill. His own party thought they could pay for this monstrosity by going after the taxpayer, burdening him with yet more paperwork.

  2. bottomline says:

    Peter, I know where you’re coming from, but the tax cheats will always find a way to cheat. The paper work is just another worthless scam.

  3. bottomline says:

    Ha, ha! Finally, he did something right. How many more examples do we need to support the idea we would have a better America if we repealed all the last elections and got these public “servants” out of office.
    Also we need to reverse other detrimental decisions – get out of the middle east, down size the banks, down size the communications conglomerates, down size the war industries —- .

  4. cindy says:

    the president thinks THIS is a paperwork NIGHTMARE??? What about HEALTHCARE?? ..REPEAL IT! What about the BAILOUT? REPEAL IT!
    Good grief…this president is an IDIOT!!!

    1. Peter says:

      How is the Bailout a paperwork nightmare? What the president did was wrong because it permits contractors to continue to make tens of thousands of dollars paid under the table untaxed while I pay taxes like a schmo

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