Instead of asking, "Would you like paper or plastic?" the checkout clerk may soon ask, "Do you need our form W-9?"
A W-9 is the IRS's "Request for Taxpayer Identification Number and Certification." Because of the new healthcare law . . .
If you spend as little as $55 at the local Office Shack each month, you'll exceed $600 for the year. That means you'll need to file a 1099 with the IRS for Office Shack. You'll also need to get a W-9 from Office Shack so that you can have their tax id number handy when the time comes to fill out the 1099.
It used to be that businesses only had to file 1099s for unincorporated, independent contractors (with some exceptions). But now a 1099 will be required every time a business spends more than $600 with any entity. Multiply this requirement across the entire economy and it amounts to a tsunami of hundreds of millions of additional tax form filings.
This is what happens when we let politicians pass un-read bills containing thousands of pages!
Not surprisingly, a revolt is building against this requirement, but it will be a lot easier to repeal this 1099 requirement now, before the election, when the politicians are paying more attention to public opinion, than it will be after the election. Take action now.