Impact of 1099 reporting requirements

I was just wondering what others might be doing to insure they are compliant with the new 1099 reporting requirements that will go into place in 2012. The ramifications are greater than most people realize. Any thoughts?

I am hoping the requirements will be rescinded. There are some indications they actually may be.

There has been some push for rescinding this requirement. In my opinion it was an ill though out idea at best when it was passed.

If we actually get stuck with this task, it is going to mean considerably more work. It will be necessary to send out W-9s to collect id numbers and addresses from almost everyone we do business with. Most accounting systems can track the totals by vendor, but it does mean more time will need to be spent doing vendor setups. It goes beyond what most of us might even consider as product or service providers.