{"id":1395,"date":"2012-12-04T05:36:52","date_gmt":"2012-12-04T13:36:52","guid":{"rendered":"http:\/\/www.rentecdirect.com\/blog\/?p=1395"},"modified":"2016-12-27T15:33:06","modified_gmt":"2016-12-27T23:33:06","slug":"property-managers-its-time-to-prepare-for-tax-season-2012","status":"publish","type":"post","link":"https:\/\/www.rentecdirect.com\/blog\/property-managers-its-time-to-prepare-for-tax-season-2012\/","title":{"rendered":"Property Managers &#8211; It&#8217;s Time to Prepare for Tax Season 2012"},"content":{"rendered":"<p>January is almost upon us, and it&#8217;s time to begin preparing for tax reporting. \u00a0This year, Rentec will simplify this task with automated e-file features for your 1099-MISC forms to both vendors and owners. \u00a0Rentec will provide full e-file functionality with the IRS as well as mail out, as necessary, paper copies to the recipients and states. \u00a0In preparation, we recommend the following:<\/p>\n<ul>\n<li>Edit your vendors and owners and verify you have the correct federal tax id number. \u00a0For individuals this is their social security number (SSN), and for businesses it&#8217;s their employer identification number (EIN). \u00a0Request a <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/fw9.pdf\">W-9<\/a> form from any vendor or owner for whom you don&#8217;t already have one on file.<\/li>\n<li>While in there, verify that the mailing address is accurate for each owner and vendor. \u00a0The address is where their copy of the 1099 form will go to, which they will use for filing their personal or corporate return.<\/li>\n<li>Verify your numbers. \u00a0It&#8217;s never too early to begin auditing your data. \u00a0Review the <em><strong>1099 Tax Assistant<\/strong><\/em> report and make sure the number match your records. \u00a0This same data will be use for populating the e-file in January.<\/li>\n<\/ul>\n<div>Even if you don&#8217;t utilize Rentec&#8217;s new automated e-file features, the 1099 Tax Assistant is a great report to provide to your CPA or for using in filing your 1099 returns. \u00a0It provides the necessary information for quickly and accurately completing the forms.<\/div>\n<p style=\"text-align: center;\">&#8211; &#8211; &#8211;<\/p>\n<p>Copy B of the 1099 must be furnished to the recipient by January 31st, 2013 and the filing deadline for reporting to the IRS is February 28th if filing by paper, or March 31st if filing electronically. \u00a0Being prepared and meeting this deadline can save you from incurring IRS penalties. \u00a0The IRS has instituted the following penalties for late or non-filers. \u00a0 The penalty applies if you fail to file timely, you fail to include all the information required to be shown on a return, or you include incorrect information on a return. \u00a0The penalty also applies if you file on paper when you were\u00a0required\u00a0to file electronically, you report an incorrect TIN or fail to report a TIN, or you fail to file paper forms that are machine readable.<\/p>\n<p>The amount of the penalty is based on when you file the correct information return. \u00a0The penalty is:<\/p>\n<ul>\n<li>$30 per return if you file correctly within 30 days after the deadline; maximum penalty of $250,000 per year ($75,000 for small businesses).<\/li>\n<li>$60 per return if you correctly file more than 30 days after the due date, but by August 1st; maximum penalty $500,000 per year ($200,000 for small businesses)<\/li>\n<li>$100 per return if you file after August 1st or you do not file the required information returns; maximum penalty of $1,500,000 per year ($500,000 for small businesses)<\/li>\n<\/ul>\n<p>* The IRS considers any business making an average of $5 million in gross revenue or less a small business.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>January is almost upon us, and it&#8217;s time to begin preparing for tax reporting. \u00a0This year, Rentec will simplify this task with automated e-file features for your 1099-MISC forms to both vendors and owners. \u00a0Rentec will provide full e-file functionality with the IRS as well as mail out, as necessary, paper copies to the recipients [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"iawp_total_views":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[275],"tags":[267,352,154],"class_list":["post-1395","post","type-post","status-publish","format-standard","hentry","category-education","tag-267","tag-1099-misc","tag-taxes","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Property Managers - It&#039;s Time to Prepare for Tax Season 2012<\/title>\n<meta name=\"description\" content=\"January is almost upon us, and it&#039;s time to begin preparing for tax reporting. \u00a0This year, Rentec will simplify this task with automated e-file features\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentecdirect.com\/blog\/property-managers-its-time-to-prepare-for-tax-season-2012\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property Managers - It&#039;s Time to Prepare for Tax Season 2012\" \/>\n<meta property=\"og:description\" content=\"January is almost upon us, and it&#039;s time to begin preparing for tax reporting. \u00a0This year, Rentec will simplify this task with automated e-file features\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentecdirect.com\/blog\/property-managers-its-time-to-prepare-for-tax-season-2012\/\" \/>\n<meta property=\"og:site_name\" content=\"Rentec Direct Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/rentecdirect\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/faceboom.com\/rentecdirect\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-04T13:36:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-12-27T23:33:06+00:00\" \/>\n<meta name=\"author\" content=\"rentec\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@http:\/\/twitter.com\/rentec\" \/>\n<meta name=\"twitter:site\" content=\"@rentec\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rentec\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rentecdirect.com\\\/blog\\\/property-managers-its-time-to-prepare-for-tax-season-2012\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rentecdirect.com\\\/blog\\\/property-managers-its-time-to-prepare-for-tax-season-2012\\\/\"},\"author\":{\"name\":\"rentec\",\"@id\":\"https:\\\/\\\/www.rentecdirect.com\\\/blog\\\/#\\\/schema\\\/person\\\/d5d59599e50fb89cce00698410ba35e5\"},\"headline\":\"Property Managers &#8211; 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