I would like to point out that if they have no staff, they may not be able to complete 1099 forms even though they are required to do them. Their web site is still functional. You can print out a report of what you have actually been paid for the year in case they do not send a 1099. If you wait until it’s time to do your taxes, that information may be gone.
I was wondering about that. At what point do they report inspector payments to the IRS?
Consult your tax professional regarding deductions for bad debt on completed projects, you are in for a pleasant surprise.
We’ve written them with our desire to buy them.
that would be awsome Nick, you should be able to pick up a bargin
being owned by an inspection assoc., with 1000’s of certified inspectors, we would have a leg up on the industry
Nick,
That would be a great addition to INACHI. Please remember that this is a just a question? If INACHI would buy DDN, would you be assuming all of DDN payments problems to inspectors who have bounced checks, or failure to pay on inspections completed? Thanks again Nick for thinking of your members. Please keep us posted on the out come.
The problem I see with buying DDN is that their business was so dependent on residental construction that they had little else to support them. They have little to sell outside of their online inspection input program that IMHO was and is one of the best I have seen. They tried to move in on the commercial work but that has pretty much been tied up by three strong commercial draw companies for several years. Commercial work is all they do and they are very good at it.
With anyone buying them I do not see a new owner absorbing the outstanding debt. It would be unheard of but then it would also create good will between the folks that already know how to do the work and would be needed to perform any new work that might happen to appear. I’m only out a couple hundred dollars, it sounds like many more were hit harder than I was.
We’ve been in full acquisition mode this year and will continue from here on out. We already own pieces of many inspection-industry vendors, have exclusive strategic partnerships with them, or own them outright. Our goal is to occupy or control every square on the inspection-industry chess board, for our members.
Income earned but not received is initially taxable if you are on the accrual accounting method. Most home inspectors are probably on the cash method but not all are. Under the accrual method, the business has to do due diligence to collect the debt before the income is abrogated. That usually means paying taxes on the income for the year in which it was earned even though it was not received.
Nick, As you know, I believe in InterNACHI. I believe in what InterNACHI is, what InterNACHI does and what InterNACHI stands for. In 2007 ASHI initially told me I could not participate in their annual convention because they thought that InterNACHI owned BestInspectors.Net. I had to prove to them that we are not owned by InterNACHI before they would allow us to participate in their convention. Even though they ultimately said that they believed me, they still required me to promise that I would not promote InterNACHI in any way at the convention. I took that to mean that they really did not believe that we are not owned by InterNACHI.
We are 100% independent but I suppose we could be charged with DUII. We are guilty of “Driving Under the Influence of InterNACHI”. InterNACHI may not control or own BestInspectors.Net but as long as InterNACHI continues to do as much for the members as it has always done, I will be among the first to say that we are on the InterNACHI side of the chessboard.
My comments are not intended to imply that I or BestInspectors.Net have anything against any other trade association. We fully support any organization that works to promote home inspectors and the home inspection industry. Some do better at certain things. ASHI does a great job as a PAC. Both ASHI and NAHI do very well at building camaraderie providing a good opportunity for netwoeking with other inspectors. Only one trade association can meet the needs of all inspectors. As of today, InterNACHI is the only trade association that can and does meet all the needs of the typical home insepctor.
I agree, George. NACHI members should certainly reciprocate with loyalty to the vendors that have been loyal to them. You offer many fine products and services.
They got me for $200 although I might get back $50 of it from the bank that the work was for. They still needed the lat report from Thursday.
This was also part of that e-mail maybe this will be the 1099’s
We will send an email update on January 5th to provide a status update.
The vendors in the inspection industry are a critical part of our profession. Vendors like BestInspectors.net produce great products and services and they keep the innovation flowing.
George and I have worked together for many years without formal agreement, and on nothing more than just a handshake. That is the quality of man he is and the type of man inspectors would be wise to do business with.
Like BestInspectors.net, nearly every vendor in our industry is InterNACHI-friendly in that InterNACHI members get better pricing and better deals than non-members. Non-members have to (and should) pay more for everything.
There are a few lingering “association-neutral” vendors still alive out there, but I am doing everything in my power to undermine and destroy them from all angles.
Now as for DDN, we are now in touch with their former employees and making some headway. I’ll keep everyone posted.
I spoke with another draw company that I work for and he said that a few years ago a company did this and eventually got paid 50 cents on the dollar, better than nothing 