1099s for Goods, not just Services?

July 8, 2010 by Mike Verville

 Under a provision in the new health care reform bill, beginning in 2012 sole proprietors, small businesses and charities will be required to provide 1099 forms to every vendor from which they buy more than $600 in goods.  The IRS is considering exempting some small-business purchases made with credit or debit cards, since the IRS will start receiving records of these transactions from financial institutions, starting in 2011.

USA Today has a well written article regarding this new requirement.

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