The healthcare reform legislation passed in March has a little-known provision that may increase costs for the self-employed, small businesses, charities, and government agencies. The provision requires them to issue 1099s to every company from which they have purchased more than $600 in goods.
This requirement may place a significant new burden on the accounting practices of these businesses. For example, they may be forced to hire additional accounting services or purchase additional software to be able to comply with the law.
The healthcare reform legislation passed in March has a little-known provision that may increase costs for the self-employed, small businesses, charities, and government agencies. The provision requires them to issue 1099s to every company from which they have purchased more than $600 in goods.
This requirement may place a significant new burden on the accounting practices of these businesses. For example, they may be forced to hire additional accounting services or purchase additional software to be able to comply with the law.