Now is the Time to Control Your 1099 Reporting with Microsoft Dynamics GP
This is your 1099 wake up call. Why are we looking at 1099's in August? It's because now the choice is being made for you. As part of the recently passed healthcare bill in the United States, essentially all vendors paid more than $600 in a year will need to be sent a 1099 form at year end, starting in 2012.
What do 1099's have to do with healthcare? Congress believes that greater documentation of payments will lead to increased tax revenues to help pay for universal healthcare. That assertion is still in question. What is not in question is that more 1099's will create more work for accounting departments.