As part of our easy to manage reporting features, Rentec Direct’s software offers a 1099 Tax Assistant to provide up-to-date reports of income and expenses for each rental property. The Tax Assistant report assists landlords and property managers with the necessary information to easily compile 1099 tax forms for the IRS, vendors, and owners.
Property managers and landlords are required to issue 1099-MISC tax forms to any service provider who receives $600 or more for work relating to a rental property. With thorough accounting features and accurate reporting, Rentec Direct’s program is designed to track property, tenant, and owner, income and expenses. When it comes time for end-of-year reporting and completing tax documents, the software generates easy to read reports, summarizing the necessary information.
To further assist landlords and property managers, Rentec Direct provides electronic filing services for our customers. There’s no need to re-enter data or pay your tax advisor to file these forms on your behalf because it’s very simple and extremely cost effective to file them electronically through Rentec Direct. Rentec Direct provides full e-file functionality with the IRS as well as mail out, as necessary, paper copies to the recipients and states.
Users can access the Tax Assistant reports under Financial Reports in the Reports tab. In order to make this report the most useful, we recommend users consider the following tips. Be sure to visit Settings, Setup Vendors and have all your vendors defined in the system with complete address and tax id information. This step is also necessary for any owners you provide distributions to. For individuals this is their social security number (SSN), and for businesses it’s their employer identification number (EIN). Request a W-9 form from any vendor or owner for whom you don’t already have one on file. If the system is unable to match a qualified expense to a vendor or owner it will provide an option to link that payee to an owner or vendor for your convenience.
The 1099 Tax Assistant Report in Rentec’s software appropriately shows incomes and expenses per property. This is the same data that will be used for populating the e-filing system in the program. The 1099 Tax Assistant Report and the 1099 e-filing feature will utilize all the owner distributions and vendor payments entered throughout the year, so there’s no need for double entry.
Even if you don’t use Rentec’s automated e-file features, the 1099 Tax Assistant Report is a vital report to give your CPA or use if you manually filling your 1099 returns. It provides the necessary information to quickly and accurately complete the tax forms.