This is absolutely mind boggling! Those of us with small businesses will be inundated with paperwork. Simply put, not only will you continue receiving 1099's but starting in 2012 you will have to send one to anyone (anyone!) you spend more than $600 with. Yep, better start getting Tax ID's and corporate addresses for Target, Best Buy, Lowe's, etc. Nancy Pelosi was right....we did need to get the HealthCare bill passed in order to see what was in it.
Read the CNN article here.
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