In a prepared statement, the AICPA said "businesses do not need the added cost of more regulatory requirements at a time when their efforts must be focused on profitability and sustainability" and continued that "increased profitability is likely to yield more tax revenues than the expansions to the reporting requirement." 

The AICPA said this would be first time individual taxpayers who own rental property who are not "engaged in a trade of business" would have to provide Forms 1099-MISC.  For example, owners of vacation properties that are rented part of the year to help reduce costs would be covered by the new law.

The association also argued that the need to keep records, obtain tax identification numbers and provide 1099-MISC forms "during January, a month when taxpayers would not normally be focused on tax issues, would be extremely burdensome ..."   Additionally, the AICPA said it questions the need for sending information forms to certain providers of services, such as utility companies.

Bob Scott

• Email

Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind