Healthcare Reform may lead to 1099 madness

I came across this article on CNNMoney today. Apparently, the new health care law will mandate the issuing of 1099′s to include corporations as well.

“…under the new rules, if a freelance designer buys a new iMac from the Apple Store, they’ll have to send Apple a 1099. A laundromat that buys soap each week from a local distributor will have to send the supplier a 1099 at the end of the year tallying up their purchases.”

We won’t know the real impact of this until the IRS proposes it’s regulations on the new law next year. However, this seems like it will be such a headache for most small businesses. Think about gathering all that data and mailing it all off. I hope someone can help think of a way to make this easier than it sounds.

Read the article for yourself.

Posted on Saturday, June 19th, 2010 at 12:47 pm and is filed under Business, News . You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.