Surprise!
Hidden in the pages of the new 2,409 page Health Care bill is a requirement that, starting Jan. 1, 2012, all companies must issue a 1099 to any individual or corporation that they buy more than $600 in goods or services from in a tax year. Yes, if that new computer you buy costs more than $600, you will have to send a 1099 to the store you bought it from and submit a copy to the IRS. In addition, companies will have to provide their customers with their employer ID and other necessary info so they can complete the necessary 1099′s.
This should kill a lot of the trees. Where else are we going to get enough paper to comply with this requirement.
Check out this article on CNNMoney.com by Neil deMause that explains in more detail the Health care laws massive, hidden tax change.