Steel in the News
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Posted by Tom Klemens on May 11, 2010 at 7:04 AM.
If you thought taxes were a pain before, just wait until 2012. CNN Money.com reports that a provision buried in section 9006 of the massive health care reform bill – which you’ll recall was passed and signed into law in late March – dramatically expands the use of 1099 tax forms. Beginning January 1, 2012, all companies will have to issue 1099s to any individual or corporation from which they buy more than $600 in goods or services with in a tax year. They’re not just for services anymore; they’re for virtually everything.
Although the intent might have been a good one – to collect more taxes by cutting down on unreported revenue – compliance is expected to create a huge burden for businesses of all sizes.
To read the CNN Money.com commentary, go to http://bit.ly/bU2qpN.
To read the Patient Protection and Affordable Care Act, which was signed into law March 23, 2010, go to http://www.opencongress.org/bill/111-h35
90/show where you can explore H.R. 3590 or view the entire 2,393-page document (allow extra time for the second option).