This Extract is from Guy Benson Show RSS http://www.guybensonshow.com/podcast-rss.php?castrefid=1
When I heard this, I first thought of my neighbor (Tom) who has a small business and how its going to affect him. I emailed him the following. If I could, I would email every small business owner in the country this same message:
Tom,
You'll need to start gathering the company tax ids for every vendor you do business with.
This is the first time I've heard about this "The hidden 1099 provision" with-in the Heath Care Bill.
Listen to the 5 mintue sipnet between the 57:00 minute to the 1:02:00 minute on the 5/9/2010 version of the The Guy Benson Show. use the link below to listen to the podcast with iTunes as I do.
The following is from Forbes.com which the podcast info is based on.
Expanded 1099 reporting. Forbes .com via http://www.forbes.com/2010/02/03/obama-tax-increases-budget-congress-personal-finance-dean-zerbe.html
As a way to improve compliance (and raise $9 billion over 10 years) the Obama administration has proposed requiring businesses to issue 1099s when they pay $600 or more in a year to a corporation for either property or services. Currently, such forms only have to be issued (and sent to the Internal Revenue Service) when more than $600 is paid to an individual. Both the House and the Senate included this tax gap proposal in the health overhaul bill. Look for it to be passed some time this year to "pay for" some or another priority.