Sat May 25 3:07:42 EDT 2024
Home#OpEdWhy Not 1099 Clients For Chargebacks? NAMFS and HUD are Worried!

Why Not 1099 Clients For Chargebacks? NAMFS and HUD are Worried!

Eleven Contractors filed 1099’s against their Clients for over $100,000 last year, for chargebacks. Not a single one was objected to. In historic interviews which built upon a framework I proposed challenging chargebacks, last fiscal year, began a turning point in fraud. Many may ask what was different about 2023’s IRS filings that triggered this event? To be brutally honest, when Assero, owned and operated by Eduardo San Roman, decided to 1099 Labor for work San Roman never paid for, it was the final straw. As many know, San Roman owns and controls the 24 Family of Companies including 24 Asset Management, a recent HUD M&M FSM Awardee, which has been struggling to perform upon the Award.

With the average inspection now paying around $6 and a typical initial grass cut for an acre or less running $35, one would think that it would be profit enough for these predators. It isn’t, though. Fannie Mae, Freddie Mac, and HUD all pay $30 for an exterior inspection and $45 for an interior inspection. Freddie Mac pays $525 for an initial grass cut over 10K square feet. The chargebacks are simply yet another line item for profit, with much of the money going to pay the Vendor Manager’s bonuses.

1099’s always have been a legal way to shift the burden of taxation upon the shoulder’s of those whom owe the tax. In the case of our Industry, it now has become a legitimate tool to utilize when fraud, waste, and abuse are levied upon Contractors. The primary reason that your Clients will not challenge them is because of the auditing process. While you may be the only one to 1099, the reality is that an IRS audit may uncover many, many more errors.


A final note on this article. Without the permission of those whom I receive emails, texts, or interviews from, I do not release their names. I do not dispense legal or financial advise. I do Consult, but only directly to Clients whom have entered into legally binding agreements. Legitimate businesses all have expenses. Because yours did not make the proper decisions to protect your investment does not mean that your lawyers may email me requesting information to benefit your case — free of charge. If you have no history of Donating to support these articles, chances are slim to none that I will drop everything to help out. In fact, I have been doing my best to get out of reporting on this Industry and into the Education and Development side of things for over a year, now. I fear, with the recent influx of illegal alien labor in our Industry, it will only get worse.

Paul Williams
Paul Williamshttps://foreclosurepedia.org
Off Grid Linux Junkie and Always a Friend of Labor!

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