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Reporting responsibility for earned revenue that is not paid out
January 15, 2024
Q. What is the reporting responsibility if revenue is earned, but not actually paid out? We manage a condo hotel where we collect the revenue for the condo owners. The payouts are net of various expenses, so at times, the net payout calculation is negative. As such, no payout occurs for the year. Is there is no payment, is there a 1099 reporting liability (1099-MISC)? If there is a reporting obligation, and the owner refuses to supply a W-9, how do we handle the withholding obligation, if there…
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