“ 1099s will now have to be issued for goods as well as services, and second 1099s will now have to be issued to corporations as well as individuals. This means that small businesses will now be sending out literally millions of 1099 forms and will be responsible for keeping track of every one of these throughout the tax year. Beginning in 2012, businesses will be required to issue 1099 tax forms not just to freelancers and contract employees, but to ANY individual or corporation from which a business buys more than $600 in goods or services.
This means that in addition to the 1099s that you already prepare, you will also be preparing a flood of these for your office supply provider, office cleaner, caterer, accountant, computer hardware supplier, office furniture vendor, and on and on and on. The bill will drastically alter tax reporting by highlighting payments that have typically gone unreported – the idea is to increase government revenues by helping the IRS to account for millions of these payments.”
Come on coders. Whether we're talking Office or QuickBooks, PCs or the cloud, this is an opportunity to use the APIs to automate this reporting in the applications businesses already use to monitor their cash flow. There's room for proprietary and open source solutions as well as cloud based sevices both free and fee.
But all I hear is whining. Con't make lemonade, make a lemon daiquiri.
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