"New law. For payments made after Dec. 31, 2011, notwithstanding any IRS reg issued before Mar. 23, 2010, for information reporting purposes, “person” includes any corporation that is not exempt from tax under Code Sec. 501(a) . ( Code Sec. 6041(h) , as amended by Health Care Act Sec. 9006(a)) Thus, a business must file an information return for all payments aggregating $600 or more in a calendar year to a single payee (other than a payee that is a tax-exempt corporation), notwithstanding any reg promulgated before Mar. 23, 2010.
This information-reporting provision will increase the amount of paperwork by businesses and farms. It looks like the days of doing your bookkeeping by hand is coming to an end after 12/31/2011. Unless, you want to track payments to each vendor by hand…"
It appears businesses will be having to report a lot more to the IRS.  I just hope our new software is up to the task.