According to AnnArbor.com, a small section in the recently enacted healthcare bill will implement changes in the way reporting via 1099 forms is done. According to the new law, more information will need to be provided on these forms, meaning that the purchase of tangible good (e.g. office supplies) will now need to be reported. You can read more here: http://www.annarbor.com/business-review/changes-to-irs-form-1099-reporting/
With all the regulatory changes for both banks and small businesses, it is becoming increasingly important to outsource as much as possible so these companies can focus on their core competencies. A lot of small businesses are hesitant to outsource because they think it would be less expensive to do tasks in house; however, this is not always the case. Because companies with specialties have been able to streamline the process, they are often able to offer competitive pricing and better quality and thus free up your employees to focus on customers and your business's core competency.
What do you think of the new legislation? Leave me a comment below!
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