Who gets 1099?s? - Posted by Brandi

Posted by David Butler America’s Note Network on January 22, 2000 at 12:57:37:

Hi Brandi,

That’s an easy question to answer, but I’m not going to, and here’s why. One of the best things you can do when starting out with your dealmaking career, is to latch on to a competent CPA. When I started out in 1977, the first thing I did was talk to some clients and investors in my community, to get recommendations.

I locked on a company, and even though I have lived in several different areas, I have stuck with them for 23 years. My average cost has been $400 annually during this time - partly because I made it a discipline early on to keep tight records and documentation.

I call them anytime I need some quick planning advice, they have full and complete documentation of all of my transactions over the years, and my taxes have remained cut to the bone. So far, no mistakes, and NO AUDITS!!! And the fees are tax deductible too.
Cheapest insurance you can buy, and valuable sounding board for your deal structuring and future moves. Call several and get started with one of them. You’ll be glad you did.

David Butler VP Broker Relations

Who gets 1099?s? - Posted by Brandi

Posted by Brandi on January 22, 2000 at 11:21:57:

Our corporation did a few lease-purchase transactions in 1999. Do I need to send a 1099 form to my sellers whom I have been paying rent to this year? Besides them, I am the only person who received more than $600 from the corp. The corp. paid me $2400 for leasing office space. Do I need to send one to myself (from the corp., of course)?