CNN Money: “The new regulations, which kick in at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year. That promises to launch a fusillade of new paperwork: An estimated 40 million taxpayers will be subject to the requirement, including 26 million who run sole proprietorships, according to a report released this week by [IRS] National Taxpayer Advocate Nina Olson.” The new 1099 requirement was contained in the 2,200 plus pages of the Obamacare law.
Billions of New Tax Forms Starting 2012: 40 Million Businesses Must Send IRS a Form 1099 to Every Party They Pay $600+ a Year
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Great. More time spent on taxes and less time doing something that makes money.