On or before January 31st of each year (or between January 17th and March 31st for e-filers), you are required to produce a Form 1099 for each vendor to whom you’ve paid $600 or more in the prior year. There are various types of 1099, but for property managers this is usually Form 1099-MISC.
Its primary purpose is to show the amount you’ve paid to contractors and service providers over the course of the year, so the IRS can match the income vendors report to the total amount reported by companies that paid them. You submit one copy of the form to the IRS and another to the vendor.
Your Propertyware software can populate these forms for you, potentially saving you a great deal of time during tax season.
Check out the top three questions about how to correctly complete your 1099’s! Then download a full list of FAQs.
1. Where in Propertyware can I print my 1099's?
1099's are available for print in Propertyware:
- Money Out > Related Activities > Print Vendor 1099's / Print Vendor 1096
- Management > Related Activities > Print Owner 1099's / Print Owner 1096
2. How can I file my 1099?
You can generate a 1099 eFile Export and save it to your computer. Then submit the saved file outside of Propertyware to the IRS. This functionality is available under Money out and Management.
- Money Out > Related Activities > Print Vendor 1099's
- Management > Related Activities > Print Owner 1099's
Important: Clicking the Generate 1099 EFILE Export button does not automatically send the file to the IRS. It must be saved to your computer and submitted outside of Propertyware to the IRS.
Propertyware now provides the necessary file to complete electronic filing for your vendors and owners.
3. What reports can I run to validate my 1099's?
In Propertyware you can review various reports for monies paid:
- Owner 1099
- Vendor 1099
- Payable – Vendor Balance report
Financial Statements Reports
- General Ledger report
1099 reports can also be a quick view to see if a Tax ID number, mailing address, specific owner info or vendor info is missing. Then go to Money Out and review the Vendor Ledger (paid/unpaid).
For a full list of 1099 FAQ's,
**Please note that this blog article, and its contents, is being provided for informational purposes only. It does not constitute legal, tax or accounting advice and should not be used or relied upon as a substitute for such advice. You should consult with a qualified professional for any legal, tax or accounting-related questions you have relating to the subject matter.**