The IRS requires companies to submit Form 1099 for all payments aggregating $600 or more in a calendar year to a single payee for services received, including rent. In order to ensure that we obtain necessary information to complete your filings, you will be receiving a letter from Vine Solutions regarding Form 1099 along with a copy of Form W-9, the form used to gather payee tax information. Look for the letter in your return packet from us in the coming weeks.

Keep in mind that the scope of 1099 filings are due to expand in 2012 to include payments for goods and payees who are corporations. Currently, the House of Representatives passed a bill which would repeal the expanded Form 1099 information reporting requirements and the bill is before the Senate for consideration. Until the Senate passes any repeal of the expanded requirements and the President signs such a change into law, you should continue to obtain and maintain the necessary records.  

If you have questions regarding Form 1099, the IRS has information posted on their website: http://www.irs.gov/pub/irs-pdf/i1099msc.pdf.

571 Forms

With tax season well under way, please do not forget about property taxes! Many counties have already sent out business property statements. The returns are generally due April 1. Please be on the lookout for 571 forms and send them along with your weekly packet!

San FranciscoBusiness Registration Renewals

Beginning with the 2011 – 2012 fiscal year, Business Registration Renewal fees will be due on or before May 31, 2011 rather than February 28, 2011. The Tax Collector will be sending you payment and filing information in April 2011 regarding your business registration renewal. Please send any communications you receive in your weekly packet.