Health Care Law's Hidden Tax Provision: 1099s Could Quintuple in 2012 | Heartlander Magazine: An until-now unnoticed provision of the new health care overhaul law could change the way U.S. businesses—including freelance workers—prepare for tax day, causing an avalanche of additional recordkeeping and reporting.
According to Section 9006 of the 2,409-page Patient Protection and Affordable Care Act, beginning on January 1, 2012 all businesses will have to issue 1099 tax forms not just to contractors but to any individual or corporation from which they buy more than $600 in goods or services in a tax year. Currently 1099s need only be issued to individuals, not corporations.
According to Section 9006 of the 2,409-page Patient Protection and Affordable Care Act, beginning on January 1, 2012 all businesses will have to issue 1099 tax forms not just to contractors but to any individual or corporation from which they buy more than $600 in goods or services in a tax year. Currently 1099s need only be issued to individuals, not corporations.
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