Tucked into the most recent major health care bill is a provision regarding filing forms 1099-MISC. Beginning with the 2010 tax filing year, all businesses and self-employed individuals are required to issue a form 1099-MISC to all vendors they have paid over $600 during the year. Up through 2009, this was only required for payments paid to individuals.
These new rules will require that you issue a form 1099-MISC to everyone from your utility company to your accountant. This requirement, if not repealed, will be quite onerous for small business owners.