Is Your Property Manager Preparing Your Year-End Tax Forms?

[George Hoover]

Is Your Property Manager Preparing Your 1099, 1096 and W-9 IRS Tax Forms? 

'Tis the season for tax preparation.  As you prepare your goals for 2019, are you also making sure your tax forms are being prepared?  The following forms are very important so that you can provide the necessary documentation to your accountant and the IRS:

IRS Form 1099-Misc:

The purpose of this form is to let the IRS know how much you have earned AND which vendors you have paid more than $600 in the current calendar year.  The IRS should receive Copy A and you and the vendor should receive Copy B.  Most forms are due to the IRS by January 31, 2019 depending upon how you file and what boxes are filled in.  Please check with your accountant or make sure your property manager has confirmed with their accountant.

IRS Form 1096:

The purpose of this form is to provide the IRS with an Annual Summary and Transmittal of U.S. Information Returns if you file a 1099 and other forms by postal mail.  It must accompany all paper submissions.  Again, check with your property manager or accountant to make sure this is being handled properly.

IRS Form W-9:

Form W-9 should be filled in as part of the vendor on-boarding process.  Businesses use the name, address and social security number or tax identification number vendors provide on Form W-9 to complete the 1099-Misc and some other forms.  Neither the sender nor the recipient should send a copy to the IRS.

There may be additional forms your property manager needs to prepare for you as well.  Be sure to address that.

If you have any further questions about property management or commercial brokerage services, please call me at the number below or visit our website. 

Thanks!