Instructions for W-9 and Direct Deposit Information

Please read carefully.

• Per IRS regulations the 1099 follows the money. If the management company is receiving the money then it is the management companies' duty to disperse these proceeds to the Owner/Entity per their management agreement, and it's the management companies' reponsibility to 1099 the owner directly.
  
  
• What does this mean in regards to the paperwork I am submitting to the Johnston Co HAPP office?
  
  This means that the TIN#'s on the bank account for which you want your proceeds deposited and the TIN on the W-9 MUST match. No exceptions. 
  
  
• Does this mean I can't use a management company?
  
  You can absolutely use a management company. However, if you want the funds paid directly to you as the Owner then it wil be your duty to forward items you wish for your management company to handle on your behalf directly to them, OR to set up your portal so any information you receive from our agency goes directly to them. In the most basic of terms, we are not a middle man. On the other hand, if your management company receives the money into their account, and we use their W-9, then we set them up as the Vendor and all correspondence will go directly to them. It is up to the Owner of the property to decide how they want to do this. 
  
  
• To set your property up under a property management company we will need the following items:
  
  - Copy of the Management Agreement between the Owner and the Management Company
  - Bank account information for the management company
  - W-9 for the management company that matches the banking information
  - Application for the management company. If they are not set up in our system yet, contact information for the management company.