There are so many provisions in the Health Care Reform Act (PPACA),
people are thoroughly confused about how, what, when, and why.
Besides the normal conversation on health care and reform itself,
I thought you all might benefit from knowing something which will affect you as business owners. Beginning in 2012, if the bill stands
as is, EVERY VENDOR from whom you purchase at least $600.00 during the year for goods or services, will require you to SEND THEM A 1099! This means your accountant, your office supplies, your IT
consultant, gas station, car dealer….; the list is endless.
Last week, the senate reconsidered this portion of the bill. After failing in a move to repeal that part of the bill, and additional attempt by Republican Nebraska Senator Mike Johanns failed to raise the threshhold from $600.00 to $5,000.00. The vote failed 52 to 46 to
bring it to the floor for a final vote.
I don’t know about you, but it boggles my mind what kind of paperwork and expense this will generate. The possibilities are endless. Whatever happened to streamlining the IRS? Stay tuned
for the next chapter in the never-ending story.
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