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.