Starting in 2011, owners of rental property will need to begin issuing 1099 forms for payments relating to their properties. A 1099 form is required if the property owner makes payments of $600 or more to unincorporated individuals or businesses for services such as landscaping, repairs and painting. Property owners need to start tracking these payments and required tax identification information effective January 1, 2011 and issue appropriate 1099 forms in January 2012. There are penalties for not complying with the new regulations.
We can help with this new requirement. Our new online payroll system includes expanded 1099 reporting capabilities at a reasonable price.
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