re: #401 Gray Skies

Don’t mean to change the subject, but how are any of you that are small business owners going to deal with the new 1099 reporting requirements that will be imposed by the health care reform legislation?

As I understand the new requirements, businesses will be required to complete 1099’s for any “vendor” that sells them more than $600 goods and services. My husband has a small business, and this will be a horrendous thing to track.

Here is the link (hope it works):

[Link: news.yahoo.com…]

I doubt it’s going to be a big deal. It looks like they’re trying to fix it. Even if they don’t fix it if it’s a big enough of a hassle for small businesses then most people just aren’t going to do it. The IRS isn’t going to bother auditing millions of small businesses over paperwork on a $600 purchase. It’s just not worth their time.