New 1099 Reporting Requirement Imposed on Rental Property Owners

Just got this news from the AICPA:


New 1099 Reporting Requirement Imposed on Rental Property Owners


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The Small Business Jobs Act, passed in September, created a new reporting
requirement for individuals who receive income from rental real estate.
Starting in 2012, they will have to provide 1099s to any service provider to
whom they pay more than $600 during the year. This means that starting
January 1, 2011, rental property owners should start keeping records of
payments and collecting Form W-9 information. Read this
JournalofAccountancy.com article
<http://email.aicpa.org/cgi-bin15/DM/t/hhD30OONRw0HTj0Ing0Ed> for more
information. On November 16, the AICPA issued a letter to Congress
<http://email.aicpa.org/cgi-bin15/DM/t/hhD30OONRw0HTj0Ind0Ea> raising
concerns about the expanded Form 1099 reporting requirements. Read this
JournalofAccountancy.com
<http://email.aicpa.org/cgi-bin15/DM/t/hhD30OONRw0HTj0Ine0Eb> article and
the press release
<http://email.aicpa.org/cgi-bin15/DM/t/hhD30OONRw0HTj0Inf0Ec> for more
information.

-sunil


SUNIL SETHI REAL ESTATE

Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE
38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536
<http://www.sunilsethi.com/> www.sunilsethi.com

CA DRE#: 01173766