I saw this article in USA Today that refers to a little known requirement passed as part of the health care reform law. Click here for the full article.
It will require YOU to issue Form 1099’s to anyone you buy $600 or more from in a year! Doesn’t matter what you buy for your business, or from whom…. Previously, this Form 1099 requirement only applied if you paid $600 or more to contractors that worked for you. So, if you buy a $700 computer from OfficeDepot, you are going to have to issue a Form 1099.
WHAT IS CONGRESS THINKING?
In my option, this is going to be next to impossible to implement. As a small business owner, I have enough to deal with, yet alone creating and issuing hundreds of Form 1099’s. I already do this today for the different service providers and other services I buy…but now for anything I buy? Come on.
This will impact real estate agents….and if you do not have Quickbooks….I suggest you get it…because you are going to need it.
Write your Congressman. This one needs to go.
-Kris Cone
