Your condo or HOA hired a lot of vendors and made plenty of disbursements this past year. These vendors were not employees of the association yet were paid substantial sums of money over the course of the year for the goods and services they provided. The IRS requires that businesses, even “not for profit” businesses such as condominium associations and HOAs, to provide a record of the monies paid by the business to these vendors by using one variation or another of Form 1099. It’s not just a suggestion; it’s the law! Additionally, depending on what other items the association has paid for, Form 1099 expenses can offset the amount of tax a condominium association or HOA owes.   Read the article………………………………………