It is our understanding that the IRS has issued new reporting requirements for 1099 for 2012 with regard to the Health Care Bill. Where can I obtain a copy of these changes?
The IRS has so far only released basic information about the 1099 changes in the health care bill. Section 9006 of the bill states that beginning with payments made after Dec. 31, 2011, payments to corporations and payments for gross proceeds and property will be reportable on a 1099. So far, the IRS has released no guidance for organizations on how to implement these changes. What they have done is setup a means for organizations to suggest implementation considerations before final guidelines are released.
