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<p>[QUOTE=&quot;justafarmer, post: 1119203, member: 3926&quot;]I have a business with multiple locations where each location buys inventory from 100 or more different individuals each and every day. Each individual transaction seldom exceeds the $600.00 1099 reporting threshold. But in the aggregate I don&#039;t know how much inventory I&#039;ll purchase from a specific individual throughout the entire year. Therefore I will have to treat every individual I purchase inventory from as a potential recipient of a 1099 by collecting, verifying and documenting all their taxpayer information. On each additional transaction with that same individual throughout the year - I&#039;ll have to re-verify and document any changes (mailing address, etc) to their taxpayer information. Then I&#039;ll have to consolidate the information from all locations into a single database being that I may buy inventory from the same individual at multiple locations. Then I&#039;ll have to verify the taxpayer information from each location and determine which location&#039;s information is the most current. I don&#039;t know how many 1099s I&#039;ll have to produce at year&#039;s end but I&#039;ll have to track purchases from thousands of people each and every year. I know my business is not a typical model but the proposed 1099 rules will prove to be very costly for me. Not only due to the direct cost associated with compliance - many of my customers will opt to do business with those who accept the risk not to comply with the new regulation.[/QUOTE]</p><p><br /></p>

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