Theoretically, an Age of Bureaucracy can last until a paper shortage develops, but, in practice, it never lasts longer than 73 permutations. — Adam Weishaupt
— Robert Anton Wilson, The Illuminatus! Trilogy
Fiction aside, I predict this law will get repealed pretty quickly and quietly before it goes into effect. The amount of added annual tax revenue from this is projected to only be $20 billion, and as soon as various interest and trade groups realize how much more the extra paperwork is going to cost them, then they'll be screaming at the Congress-critters. They already went through this process with SOX.
It's the Government's duty to maximize tax revenues, so if the cost of doing business in general causes a decrease in many company's profits, then there is less overall income to tax. If that amount of lost tax revenue is more than the projected increase of $20 billion, and I bet it is, then it makes sense to repeal that particular law.