Health care 1099 could hurt farmers and ranchers.
According to a recent blog post from Darren Hudson, Larry Combest Chair in Agriculture Competitiveness at Texas Tech University, the "hidden" 1099 issue in the Obama Administration's recently passed health care reform bill is an issue that needs to be dealt with by Congress before it creates significant headaches for U.S. farmers and ranchers.
Fortunately, the provision is not slated to go into effect until the 2012 tax year. That means producers won't have any new responsibilities in this regard in 2011, but would have to begin keeping track of the expenditures for purposes of issuing 1099s to any person or entity that they pay $600 or more for services rendered between Jan. 1 and Dec. 31, 2012.
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