Cato has an interesting article on one of the dozens (hundreds? thousands?) of crazy things included in the Health Care Bill that nobody read before voting on and signing into law.
In essence this one forces businesses to issue 1099s whenever they do more than $600 of business with another entity in a year. For those of you running small businesses, just how much more work is this going to be for you? you'll be sending 1099s to your landlord, to OfficeDepot, to the electric company, to ANYONE you do more than $600 business with (whereas now 1099s are only sent to outside contractors).
Costly IRS Mandate Slipped into Health Bill
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Just to put this in perspective, I just talked to our office administrator about this. Last year we sent out 6 1099s ... under the new rules next year we will have to send out HUNDREDS (maybe as many as a thousand). And we're a pretty small business.
ReplyDeleteFurthermore, just look at all the private information every company you do business with has to keep on you ... the identity thieves will become billionaires overnight over this.