When will the new IRS reporting that requirement for 1099s miscellaneous for goods and services be required for payments over $600? 2012 is the magic year, unless Congress changes its mind. There is a lot of flak in the marketplace over this one.
An example I read: obtaining a federal identification number from the local Starbucks outlet if your company buys more than $600 of coffee and breakfast pastries by sending over the boy Friday to pick up each morning for the working staff. We are suggesting to our clients that they start obtaining W-9 forms (request for taxpayer ID number) from anyone they pay a check to in 2011 so they will be ready for 2012. Can you imagine preparing a tax return with all the 1099s to be reconciled and listed as gross income on a corporate or partnership tax return? This will be a job security for CPAs.