Why the Healthcare "reform" contained this provision is beyond me, but there is a provision requiring that certain payors provide a form 1099 to corporations to whom they pay more than $600 over a calendar year.
Again, the Dem led government want to appease their liberal base with more control and government red tape, but this provision will do little. Can you imagine all of the corporations across the U.S. that pay more than $600 per year to office supplies stores, Wal-Mart, Microsoft, etc.
Frankly, I do not believe there are that many major corporations that are underreporting their gross receipts and this required reporting will just add red tape. Can you imagine an IRS audit team trying to reconcile Microsoft's millions of 1099s to the income that they report on their tax return? And here is the best part, many corporations do not report their taxes on a calendar year, they report on a fiscal year (such as April 30). It will be impossible to reconcile all of those 1099s to the corporation's tax return.
This is what conservatives are against, government red tape that may provide a good sound byte for the Dems, but in reality is worthless except to add to the paperwork burden our our taxpayers.