Here is an article about the proposal to require 1099 forms for all business payments, even from corporation to corporation. Right now, Forms 1099 are only required only for payments non-corporate recipients (e.g. individuals). Can you imagine the increase in 1099 volume that would be required for all businesses to give 1099s to all other businesses they make payments to? And how would they match up all of this? As the article states, an IRS study found that businesses with gross receipts under $500,000 currently spend about 5% of their revenues on tax compliance. This might be good for CPAs who would likely have to help their clients implement the new requirements; however, it would be bad for the business community.
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