When the health care reform debate raged earlier this year, House Speaker Nancy Pelosi made this comment: “But we have to pass the [health care] bill so that you can find out what is in it.”
Those words have come back to haunt business owners.
According to Section 9006 of the 2,409-page Patient Protection and Affordable Care Act, all businesses will be required to send 1099 tax forms to every company or individual from which they purchased more than $600 in services and goods throughout the tax year, beginning Jan 1, 2012.
