The US Senate passed an amendment to repeal the burdensome 1099 requirement last week. Currently, (as of January 1, 2011), landlords, both commercial and residential, will have to file "information returns" when they pay a service provider $600 or more during the tax year. This will mean that from the landscapers to the plumbers, 1099 forms will be exchanging hands and heading to the IRS. This requirement affects millions of Americans, small businesses and shore house owners alike.
Pennsylvania Institute of Certified Public Accountants (PICPA) recommends that you consider the following:
Who qualifies as a landlord?
Who qualifies as a provider?
What kind of information goes on the 1099?
What are the penalties for not filing?
When are the forms due in to the IRS?
Your audience needs to understand how to be compliant with this updated provision. A local CPA can help! To set up an interview, please contact Kathleen Miller at 215-972-6188 or kmiller@picpa.org or Jackie Barnard at 267-675-6255 or jbarnard@picpa.org.
Pennsylvania Institute of Certified Public Accountants (PICPA) recommends that you consider the following:
Who qualifies as a landlord?
Who qualifies as a provider?
What kind of information goes on the 1099?
What are the penalties for not filing?
When are the forms due in to the IRS?
Your audience needs to understand how to be compliant with this updated provision. A local CPA can help! To set up an interview, please contact Kathleen Miller at 215-972-6188 or kmiller@picpa.org or Jackie Barnard at 267-675-6255 or jbarnard@picpa.org.