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Friday, September 3, 2010

Did you know your Condo Coop & HOA has to issue 1099s

That right under the recently passed HealthCare act they snuch in a little tiny provision what states in plan languge that every transaction over 600 dollars has to have 1099's at the end of the year.  So when your Common Interest Community "CIC" (Condo, Coop, Single/Townhome Assoc.)

So every vendor that comes into your CIC that receives  $600 or more for services rendered the CIC will give them a 1099.  And, for every time you get a check for 600 or more then you have to remit a 1099 to other party.  So guess what tax time is going to be like.  

It is not clear from the language if this would apply to fines. 

So Condominims, Cooperatives, Single Family & Townhouse Associations need to attend the International Community Associations Webinar on the ramifications of this legislations and what CIC's can do to make sure if they have to repel it and send a message to every member of congress that they need to take into consideration the State of Communities.

Webinar TBA