NEW YORK (CNNMoney.com) — An all-but-overlooked provision of the
health reform law is threatening to swamp U.S. businesses with a flood
of new tax paperwork.
Section 9006 of the health care bill — just
a few lines buried in the 2,409-page document — mandates that
beginning in 2012 all companies will have to issue 1099 tax forms not
just to contract workers but to any individual or corporation from which
they buy more than $600 in goods or services in a tax year.
The stealth change radically alters the nature of 1099s and means
businesses will have to issue millions of new tax documents each year.
