NEW YORK Tucked away in the health-care overhaul bill that became law this year was a provision that will require small-business owners to keep better records of what they buy. They’ll also have to report some purchases to the government.
This new law requires small businesses to issue 1099 forms to people or companies that sell them more than $600 worth of goods or services. It takes the 1099 beyond its most common business use, which is to report money paid to independent contractors or freelancers.
New law should spur small businesses to use software | Richmond Times-Dispatch. Published 5/24/10