HOWEVER, the law HAS BEEN repealed. The repeal has passed the House and Senate (on 05 Apr 2011, 87-12 vote), and the President signed the bill on 14 Apr 2011.
Details of the law are here, for the curious, regarding what could have happened:
Specifically, it changes the law so that  payments to corporations are included (except ones exempt per section 501(a), such as charities), and  "amounts in consideration for property" are included (so purchases over $600 are reported). The law takes effect January 1, 2012.
SEC. 9006. EXPANSION OF INFORMATION REPORTING REQUIREMENTS. (a) IN GENERAL.—Section 6041 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsections: ‘‘(h) APPLICATION TO CORPORATIONS.—Notwithstanding any regulation prescribed by the Secretary before the date of the enactment of this subsection, for purposes of this section the term ‘person’ includes any corporation that is not an organization exempt from tax under section 501(a). ‘‘(i) REGULATIONS.—The Secretary may prescribe such regulations and other guidance as may be appropriate or necessary to carry out the purposes of this section, including rules to prevent duplicative reporting of transactions.’’. (b) PAYMENTS FOR PROPERTY AND OTHER GROSS PROCEEDS.— Subsection (a) of section 6041 of the Internal Revenue Code of 1986 is amended— (1) by inserting ‘‘amounts in consideration for property,’’ after ‘‘wages,’’, (2) by inserting ‘‘gross proceeds,’’ after ‘‘emoluments, or other’’, and (3) by inserting ‘‘gross proceeds,’’ after ‘‘setting forth the amount of such’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to payments made after December 31, 2011.