From the TaxProf Blog, word of stuff hidden in President Obama’s health care legislation: wall-to-wall tracking and reporting of expenditures above $600 via Form 1099? Really? Are we faced with a blizzard of paperwork? Do we really have to tell the IRS every time we spend more than $600?
For a professional (i.e., non-CNN) analysis, see Taxgirl’s post on the topic.