What is the name of your state (only U.S. law)? DC
What is the name of your state (only U.S. law)? DC
My nonprofit client was asked to disburse settlement funds from a lawsuit to the individual plaintiffs (about 250) by the Tenant Association they formed. The settlement was in response to a suit for breach of TOPA rights (where the owner of an apartment building sold the building without providing the tenants right of first refusal). Amounts are to be disbursed according to certain criteria and vary greatly but in general all individuals are required to give up their rights to any claim under TOPA in return. My questions are:
1. Who issues the 1099? The defendant issues to: (a) the Tenant Association, who issues to my client, who issues to the individuals or (b) the Tenant Association, who issues to the individuals or (c) the individuals
2. What type of 1099 to issue? Is it capital gains or misc?
3. How do I handle withholding for nonresident aliens if capital gains? If misc?
4. What type of expert can best help my client in this case?
Thank you!!
What is the name of your state (only U.S. law)? DC
My nonprofit client was asked to disburse settlement funds from a lawsuit to the individual plaintiffs (about 250) by the Tenant Association they formed. The settlement was in response to a suit for breach of TOPA rights (where the owner of an apartment building sold the building without providing the tenants right of first refusal). Amounts are to be disbursed according to certain criteria and vary greatly but in general all individuals are required to give up their rights to any claim under TOPA in return. My questions are:
1. Who issues the 1099? The defendant issues to: (a) the Tenant Association, who issues to my client, who issues to the individuals or (b) the Tenant Association, who issues to the individuals or (c) the individuals
2. What type of 1099 to issue? Is it capital gains or misc?
3. How do I handle withholding for nonresident aliens if capital gains? If misc?
4. What type of expert can best help my client in this case?
Thank you!!