The new 1099 reporting requirements recently included in the new healthcare bill have caused quite an uproar in the business community. Even the IRS’s own Taxpayer Advocate, Nina Olsen, expressed concerns in her latest report to Congress about the IRS’s new 1099 information-reporting burdens.

Already, the Department of the Treasury and the IRS have issued a proposal to exempt credit card purchases from the reporting requirement. Now, Senator Mike Johanns of Nebraska has sponsored a bill, the Small Business Paperwork Mandate Elimination Act, to repeal the new reporting requirements before they become effective in 2012.