While Congress deserves credit for including pro-patient, pro-community pharmacy provisions in health care reform legislation, the law’s far from perfect. Case in point: A “revenue raiser” that would make many minor business transactions a tax-reportable event.
Under section 9006 of the Patient Protection and Affordable Care Act, beginning in 2012, all companies will have to issue 1099 tax forms not just to contract workers, but to any individual or corporation they buy more than $600 in goods or services from in a tax year. Currently, 1099s are just used to document income for individual workers for services other than wages and salaries, not used for corporations or for the purchasing of goods.
Continue reading ‘Averting a Compliance Nightmare for Independent Pharmacies’
