Tax season has just passed, and property managers across the country have spent the last weeks clocking in overtime to keep up with endless IRS filing requirements.
As a property manager, you needed to send out a completed 1099-MISC form to all unincorporated property owners who received at least $600 in rent during the tax year. Duplicates had to be delivered to the IRS by post by 1 March, or electronically by 31 March, and there are big penalties for not reporting on time.
So here’s how that went in years gone by:
Digging up old bank statements, adding up rental income, double and triple-checking forms for tens or even hundreds of property owners – it’s no surprise that doing taxes is one of the year’s most stressful tasks for many property managers.
Until now, that is.
The automated solution
Our priority is to help property managers save time on rental payment admin and instead focus on growing their businesses. That’s why we launched a new custom-built 1099 reporting feature in time for the 2021 tax season, to take the sting out of filing.
In 2021, Florida property managers used PayProp to automatically generate 1099 reports for owners across the state in just a couple of clicks. The reports are compiled from PayProp’s permanent transaction record for any owner and date range, guaranteeing completeness and accuracy. All the data is delivered in .csv format so the forms can be submitted through your favorite third-party filing service.
If that sounds better than doing it by hand, act now to save time on your taxes next year, and every year. See PayProp in action – book a demo today!