Collier Swecker video blogs about tax legislation changes by the IRS that will require ALL rental property owners, regardless of size to issue 1099’s to any service provider or vendor who performs over $600 of work in any given tax year. Just because you are an individual who owns one or two units, your friends at the IRS have said that they will now be treating you just like any other property management company. If you are familiar with the old 1099 IRS laws, you will remember that you did not have to submit 1099’s to For Profit “C” Corporations, but the new law requires you to submit 1099’s to these companies as well. The penalty for not properly reporting 1099’s is now $250 per non-reported vendor / service provider. If you have any comments or questions, email me at Collier@MegaAgentRealEstate.com or visit my website at www.MegaAgentRealEstate.com.