Small Business Jobs Act enacts new provision: 1099s will be required for 2011 payments
The recently enacted Small Business Jobs Act includes a provision related to reporting requirements of rental property expense payments. After Dec. 31, 2010, the new law requires those who receive rental income from real property to file 1099s with the IRS for service providers such as plumbers, painters and accountants, who receive more than $600 in payments over the course of the year. Even though the 1099 forms will not need to be issued until early in 2012, it will be necessary to begin keeping track of payment information on Jan. 1, 2011, and to collect completed w-9 forms from service providers to obtain their names, addresses and taxpayer identification numbers. Exceptions are provided for individuals renting their principal residences (including active members of the military), taxpayers whose rental income doesn’t exceed an IRS-determined minimal amount, and those for whom the reporting requirement would create a hardship (under IRS regulations).
Included in the provision is an increase in penalties for failure to file 1099s with the IRS. For further information, contact your tax accountant
Call Today
Keller Williams Realty’s At The Beach Team sells more real estate here at the beach than almost anyone and we would be happy to help you a find a great deal here at the beach. Simply call or text me at 850-217-7618 – or send an email to JohnMoran@AtTheBeachTeam.com and we will be happy to assist in any way we can.
Real Estate News
Keller Williams Realty’s At The Beach Team has a series of Real Estate News Blogs keep you up to date on the area your are interested in. Simply click on your favorite blog and find more information about it’s real estate market including all Foreclosures and Short Sales and much more.
Kelly Plantation Real Estate News
Rosemary Beach Real Estate News
Real Estate Foreclosure and Short Sale Alerts
Sign up for our Foreclosures and Short Sales Alert and we will send you an email notification as soon as any new Foreclosures or Short Sales hit the market – that way you will never miss an opportunity to get a great deal on Real Estate.
