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2008 CLIENT NOTICE FOR 1099 / 1098 FORMS

If you made payments in the course of your trade or business for (1) rents, services (including parts and materials), prizes and awards or other income payments to an unincorporated entity or independent contractor, or (2) medical and health care payments or legal payments to an incorporated or unincorporated entity of at least $600 during the year, you are required to file Forms 1099 and 1096. You are also required to file these forms if you paid interest or dividends in excess of $10.00.

If you received $600 or more of interest on a mortgage or trust deed note in the course of your trade or business, you are required to file Forms 1098 and 1096.

The law provides for substantial penalties for failure to file these forms. For Federal purposes, this can range form $15 - $50 per missing or late form with a maximum penalty of $250,000 per year ($100,000 for small businesses).

These forms must be furnished to the individual recipient by January 31, 2008 and must be filed with the Federal government on or before February 29, 2008. PLEASE NOTE THAT THE IRS HAS ANNOUNCED ITS INTENTION TO AGGRESSIVELY ASSESS PENALTIES FOR LATE FILED OR UN-FILED FORMS 1099.

If you want us to prepare these forms for you, please forward the necessary data - names, addresses, social security or identification numbers, and the amounts paid or received - to us as quickly as possible. If we do not have this information by February 4th, we cannot guarantee timely completion of these forms for government filing.

IF WE DO NOT RECEIVE 1099 DATA FROM YOU BY THIS DATE, WE WILL ASSUME THAT THERE IS EITHER NOTHING TO REPORT OR THAT YOU ARE GENERATING THE NECESSARY FORMS INTERNALLY.