1099s Are for Everybody, Now

I realize that I’m probably a few days late to this realization, but this is really nasty:

Section 9006 of the health care bill — just a few lines buried in the 2,409-page document — mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.

[…]

The bill makes two key changes to how 1099s are used. First, it expands their scope by using them to track payments not only for services but also for tangible goods. Plus, it requires that 1099s be issued not just to individuals, but also to corporations.

Taken together, the two seemingly small changes will require millions of additional forms to be sent out.

Nothing like giving just about everyone who is actually productive new paperwork with which to be burdened. We are indeed finding out just what is in this bill after it was passed into law–just as Nancy Pelosi said we needed to.

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