Section 9006 Tax Reporting for Small Businesses


Section 9006 of the new Health Care Reform bill states that businesses have to submit a Form 1099 for all purchases of goods and services of more than $600 a year made from any vendor. This requirement will take effect in 2012.

This section of the health care reform bill is aimed at closing the "tax gap", which is the difference between what businesses actually should pay in terms of taxes and what the IRS collects each year. By doing so, the government intends to raise the $17 billion to fund the benefits of health care reform bill without raising taxes.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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