IRS Penalties for Property Managers Filing Late - Get Ready Now!
By Nathan M, President (Rentec Direct)
(Rentec Direct Property Management Software)
It pays to stay on top of our game this year, every year really, but the IRS is really putting the petal to the metal on fines for late and non-filers. It's time to start thinking about this now and make sure you have the proper TIN (Taxpayer Identification Number) on file. The TIN is an individual's social security number (SSN) or a business's employer identification number (EIN).The 1099-MISC form is pretty simple with just a few fields; however, accuracy is key. One tiny mistake can cost you a lot from the IRS, not to mention inconveniencing your client if they rely on the information (most do). The IRS has been encouraging property managers to e-file their 1099s for some time. E-filing has numerous benefits as well: it is cheaper, more accurate, saves paper, and is instant. Y...
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