This is really bothering me. According to
this NY Times post, we (in the U.S.) are going to have to submit a Form 1099 for every company we make a purchase from when we purchase $600 or more within a year.
"Under the new law, a company will have to file a Form 1099 with the I.R.S. for every vendor from whom it buys more than $600 in goods.
The section was intended to be a fund-raiser for the rest of the health care bill; it was projected to deliver $19 billion over the course of 10 years by making it more difficult for businesses to keep income unreported. But business groups assailed the new provisions. “This is absolutely unmanageable,” said Bill Rys, tax counsel for the National Federation of Independent Business, which is leading the effort to overturn the law. “It’s not just the amount of time and money businesses will have to spend, but all that goes with collecting this information. Who do you send it to? What do you do with employees who travel and are making purchases on the road?”
And why is it buried int he health care bill?
What do you think of this?
1099 Reporting requirement change
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