Yep, it was buried in the health care bill. Business must start their record keeping January 1, 1012 with the 1099Misc's to be issued by January 31, 2013 for the first year.
Any BUSINESS making a payment to another business or an individual must issue a 1099Misc if the cummulative amount paid for the year is $600 or more. Previously 1099Misc's were only issued to report payments for services; beginning in 2012 it includes all purchases except those made to governments or by credit card. Credit cards will be exempt because beginning in 2011 the credit card processor must report the amount remitted to a business on a 1099 and if the business making the payment reported it there would be a double reporting of the same payment.
I'm a CPA and the American Institute of CPA's, along with many other organizations and the IRS's own Taxpayer Advocate are calling for the repeal of this monstrosity.
