Anyone Using Yardi Breeze Receive a 1099-K from Jack Henry & Associates

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Anyone Using Yardi Breeze Receive a 1099-K from Jack Henry & Associates

Josh R.
Member since 2018 · 2 posts · 0 votes

I believe this is new for 2023.  Jack Henry (a third-party payment processing firm used by Yardi) is now sharing the gross amount of third-party transactions (around 2Mil) with the payee listed as my property management company.  The 2 million is annual pass-through rent deposited in the bank accounts of the various Owners.  Curious how others are dealing with this? 

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Josh R.:

    I believe this is new for 2023.  Jack Henry (a third-party payment processing firm used by Yardi) is now sharing the gross amount of third-party transactions (around 2Mil) with the payee listed as my property management company.  The 2 million is annual pass-through rent deposited in the bank accounts of the various Owners.  Curious how others are dealing with this? 


    Jack Henry is a payment processing company. They report to the IRS how much money they transferred to your company. You should be reporting how much you transferred to the individual owners. It's the government's way of monitoring funds transfers to ensure taxable income is taxed and to prevent people from laundering. 

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  • NA Morningstar
    Member since 2023 · 1 post · 0 votes
    2y

    We have had a horrible time getting Yardi Breeze to correct an erroneous 1099K that was sent to us. We were property managers but haven't been associated with the property for several years. However, they sent us a 2022 1099k when it should have been sent to the owner's tax ID associated with where the deposits were made.

    Yardi support admitted that was an issue with their software picking up the property managers tax id instead of the revenue recipient's tax id. Yardi promised to send us a $0 corrected 1099-k but never did. It has been 7 months. Calls and emails are not being returned. Anyone else running into this? Any attorneys out there working on this issue?

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