The massive expansion of requirements for businesses to file 1099 tax forms that was hidden in the 2,409-page health reform bill took many by surprise when it came to light last month. But it's just one piece of a years-long legislative stealth campaign to create ways for the federal government to track down unreported income.
The result: A blizzard of new tax forms that the Internal Revenue Service will begin rolling out next year.
Monday, May 24, 2010
The 1099 Tsunami [by Gary North]
Earlier this year, some staffer in some office on Capitol Hill dutifully inserted a provision into the health insurance bill that will force businesses to file 1099 forms on every transaction with another business for over $600. Buy a $601 used car for your business? You must file a 1099. CNN Money describes this law.