All Forum Posts by: Kimberly H.

@Jim Kennedy you can file an extension on filing 1099s???

@Andy D.  I agree, although when it gets to a licensed professional who's error I am catching that is much more annoying. I can't be independently verifying everything they tell me.  

@Andy D. Box 7 is where contractor payments go, so...that would effect landlords hiring contractors.

This accountant is supposed to be an expert in dealing with landlords, is on the speaking circuit around the county to REIAs, and recommended by a couple other landlords I know.

My accountants response just came in,"oh, we forgot to update that in the memo...we will update that and resend it out to all our clients" , but I have the memo they sent last year regarding 1099s and they actually did update something else in that section so that makes me think they missed it...

Already on my second accountant in 4 years due to mistakes by the last one who also advertises as an expert in rentals at local REIAs....

Just caught a major error by the insurance company yesterday...

ok rant over.

My accountant emailed a couple weeks ago and said that the 2016 1099s have to be filed to the IRS by the end of February.

However, I found an IRS website and Intuit website that says as of this year that the form needs to get to the contractor AND to the IRS by the end of January.

Did my accountant make a major miss on this? Aren't they supposed to be on top of changes like this?

On the IRS website:

from https://www.irs.gov/businesses/small-businesses-self-employed/forms-and-associated-taxes-for-independent-contractors

Changes for 2016

A new federal law, the Protecting Americans from Tax Hikes (PATH) Act, enacted in December 2015, moves up some 1099-MISC filing deadlines to January 31. The new law makes it easier for the IRS to find and stop refund fraud.

Businesses who use Form 1099-MISC to report non-employee compensation, such as payments to independent contractors, are now required to file Copy A with the IRS by January 31.

In the past, businesses typically had until the end of February, if filing on paper, or the end of March, if filing electronically, to submit their copies of this form.

Something that hasn’t changed: a copies of Form 1099-MISC must still be provided to the worker by January 31.

Also from  https://payroll.intuit.com/support/kb/2001909.html

In an effort to combat fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015, was passed by Congress and signed by President Obama in December. The act revises the filing deadline for Form W-2 and certain types of Form 1099.

What's Changing?

Until now, employers had two dates to keep in mind when remitting W-2's:

• January 31, to provide employee copies, and
• February 28, for paper filings submitted to the Social Security Administration (March 31 for electronic filings)

Beginning with 2016 forms, employers will now have one filing deadline for all Federal W-2s, January 31. This is true for both employee and agency copies, or whether filing paper or electronic returns.

What about Form 1099-Misc? The new January 31 deadline applies to certain types of 1099s. If you're filing Form 1099-Misc and reporting amounts in Box 7: Nonemployee Compensation, then you will need to meet the new filing deadline of January 31.

If you don't have amounts in Box 7,then the deadline remains February 28 for paper filings or March 31 for electronic filings.

@Ming Liu   Seriously doubt in a court of law not having the lease signed by the landlord makes any difference, if it did we'd all be sitting here with leases only signed by tenants so we could get them out without eviction.

HOWEVER...the tenant probably won't know that, so, you could possibly play off that angle with them to get them to move out, but you may want to consult with a lawyer to make sure doing so can't backfire.

**I am not a lawyer this is not legal advice**

We are in the same boat, although we've had applications they were of some of the worst quality I have seen. I think once we get into spring it will improve.

@Lisa A. so you're saying its a risk to the tenant that the landlord could attempt to cash the entire lease-terms checks. As the landlord,  I have no plans to ever attempt to cash the entire lease-years checks.

@Jamie Dietz this doesn't help you right now, but in the future.... in my area the utilities have a program where if the tenant shuts off service, it auto reverts to bill to the property management so the utilities stay on. Its called the landlord program. The lease says they are responsible for utilities but if we have to pay then we tack on a fee since it's extra work on our end.

When it occurs the utilities will snail mail a letter. This helped when we had a tenant leave with no notice. Otherwise we wouldn't have known for at least a few more weeks, and by then we probably would have had water damage because the tenants left the upstairs windows open.

@Lisa A. when I say post- dating, that means dating with a future date, like the future dates the rents are due.

So your tenants bank isn't honoring the checks they write when they are very out-of-sequence? Besides that, I have no idea how a bank would know if the check was written today or last year if it's got today's date on it.

We've been doing this for years with tenants who have accounts at all different banks with no issues. Got the idea from a friend with an apartment building who's been doing it for 20 years.

Backstory:Rejected application two weeks ago, one in the couple answered, "Has a landlord ever served you papers" with "no".  A collection from a landlord just a few years ago appears on her credit report and the lawsuit in the county docket. I tell the agent that lying and the landlord collection are both grounds for rejection.

Their agent just emailed me today asking if a cosigner or an added third tenant would help.