The new PPACA act will require businesses to issue Forms 1099 for goods purchased after 2011, even if it is from a corporation…otherwise, penalties will be assessed.

Your business will now have to keep records of all purchases sorted by Taxpayer Identification Number (TIN).

Christine Reiner, CPA, studies tax law changes and trends very closely. Contact our office for expert advice.

Source: June 30, 2010 Taxpayer Advocate Service Report to Congress for the fiscal year 2011.

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