Often with legislation, provisions are added to a bill that have
little to do with the bill itself. For example, the recently passed
health care legislation contains a significant revision to the tax
code that will affect you.
Section 9006 of the health care legislation states that as of
Jan. 1, 2012, all businesses will need to issue 1099 forms to
individuals or corporations from whom they procure more than $600
of goods or services.
So not only will you need to send 1099 forms to any independent
contractors you hire, you will need to send forms to any supplier
that provides you with more than $600 of roofing materials, for
The provision changes the current tax law in two ways: It now
requires companies to track payments for tangible goods as well as
services, and 1099 forms now must be sent to corporations as...
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