Updated over 3 years ago on . Most recent reply
1099s to Vendors required
We have a few properties managed by a property manager. They pay vendors and they pay us, after taking their cut, then we receive a statement from them every month.
My CPA is saying we need to collect W9s from the vendors (carpet, cleaning, everyone that gets paid more than $600) even though they're paid by the management company.
My question, do we need to hunt down W9s from the vendors after the new 2021 rules? Or just let the property manager handle it issuing 1099s to the vendors? What do you guys do? Is my CPA wrong?
Most Popular Reply
Your CPA may think he/she is right-how much expertise does he/she have with REI? My CPA never asked about 1099s when we used a PM. I certainly would not chase the PM's vendors, I would have no need or desire to know who they are and that is what I would tell the CPA. All the best!