This 1099 nonsense will be the END of countless small businesses. For instance, I currently made (needed parts) purchases from 6 varied suppliers, four of them little tiny businesses. If FORCED to go through the 1099 process, I have already informed my SMALL suppliers, who don’t have everything I need, but I still go to, that I will be FORCED to concentrate on the TWO very large companies that have everything I need.
End result, since I, a ONE PERSON business, will have to avoid onerous time wasting paper work, four equally small businesses will be cut from the loop of many others. Goodbye.
I don’t see it as a major time waster. I use quickbooks and it will do the 1099s fairly easily. of course if you don’t use QB and do the accounting manually it would be a royal pain.
Its about control and knowing where you get your money and where you spend it.