Two Illinois Congressmen are looking to protect you from the IRS just in time for tax season.  Congressmen Aaron Schock and Bobby Schilling introduced the Overreach Prevention Act yesterday to prohibit the IRS from adding a new tax reporting requirement called the 1099K against small businesses.  The 1099K was established in 2008 to collect credit card transactions from small businesses, but the IRS has been using the requirement to add cost to business compliances. 

Schock says the requirement is unnecessary and causes undue hassle and cost to small businesses. 

"When you take into consideration all of the types of merchant transactions that occur between a customer and a small business all this adds up to unnecessary administrative costs, a new accounting burden, and more time away from growing the business," Schock says.  "At a time when there is still record unemployment, adding another jobkilling regulation on small business is not the right solution."

 A similar measure will be introduced in the Senate.