fireproof 1099's And You

(Disclaimer: Because I am not a lawyer and not an accountant, just a businessman like you who used to pay taxes in H & R Block....Please talk to someone before you cut your wrist) you may want to start feeling real comfort with how to fill in properly and submit 1099....Because you need it from next year.The above is from 2011 and it will be a nightmare for all of you.
Basically, if you spend $600 or more on any business entity, you will now have to fill in and send 1099 to: 1.The IRS2.The person you pay for goods and servicesYou run an online business.It cost you $600 to host.With this new legislation, you now have to collect the tax ID from the above mentioned businesses, fill in 1099 and send it to them and the IRS.
OK, what if your hosting company is located in India and there is no tax ID for obvious reasons?Now you have to withhold income taxes from your payment and forward them to the IRS.This is reflected in 1099 sent to them and the IRS.Oh, before I forget, this 1099 must be kept as long as you are doing business.
...Hope you have a big fire safe to protect them.I need aspirin....Can I buy some for free so I don't need 1099?