Small Businesses Unhappy with Forthcoming IRS Regulation

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Starting from 2012, the IRS regulations for Form 1099 will undergo a drastic change. Up to now, businesses are required to file a Form 1099 for every independent contractor they do business with. But with the new regulations all businesses will have to submit a Form 1099 for every purchase of goods or services from all sources worth over $600 a year, including those like office stationary purchases and vehicle maintenance.

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