For advise on setting up 1099 vendors in Quickbooks please call us today. 585-755-3439 or visit our website.
For the 2011 tax year all property managers are required to file 1099’s for all subcontractors for whom you’ve spent $600 or more. Whether the person you used is a corporation or an individual, the IRS now requires all property management companies to do this.
Strategies for dealing with this new issue is to insist all your vendors fill in a W-9 form before they can be paid. If you follow this accounting method you will be able to produce all the required forms to your CPA come tax time.
All 1099 forms must be mailed by January 31st to all your vendors you’ve spent more than $600 with during the entire calendar year.
Using Quickbooks you are able to make your vendors into a 1099 contractor and print their 1099 forms from your computer.
Woodard Accounting 