Another provision that was stuck into the Obamacare legislation:
"Basically, businesses will have to issue 1099s whenever they do more than $600 of business with another entity in a year. For the $14 trillion U.S. economy, that’s a hell of a lot of 1099s. When a business buys a $1,000 used car, it will have to gather information on the seller and mail 1099s to the seller and the IRS. When a small shop owner pays her rent, she will have to send a 1099 to the landlord and IRS. Recipients of the vast flood of these forms will have to match them with existing accounting records. There will be huge numbers of errors and mismatches, which will probably generate many costly battles with the IRS."
Read the whole thing, especially if you own a business. If you buy $600 or more of bottled water, office supplies, a new refrigerator, a new roof--you have to send out a 1099. Surprise!
(Hat tip: The Corner)