[McLovin]

Existing law does not require a business to send a 1099 form to vendors from which the business purchases more than $600 in a year.

Under existing law, the majority of small business send out only a handful of 1099s each year. This is a huge change/addition to existing law.

And Pazuzu, as crazy as it sounds, I don't think there is any misinterpretation about it. Seems pretty clear:

Starting in 2012, that changes. All business payments or purchases that exceed $600 in a calendar year will need to be accompanied by a 1099 filing. That means obtaining the taxpayer ID number of the individual or corporation you're making the payment to -- even if it's a giant retailer like Staples or Best Buy -- at the time of the transaction, or else facing IRS penalties.

These are the kinds of gifts that will keep coming over the years. Kinda happens when you pass thousands of pages legislation that no one even bothered to read, or no one really even knows who wrote.

It's part of the new efficiency in Govt. Back in the old days, they used to actually read the proposed legislation before passing it. They'd even do things like *gasp*, debate it, sometimes in PUBLIC! Wow, what a waste of time. We're much better and more efficient now, having dispensed with such quaint old fashioned notions.