Business rule validations provide an early warning mechanism against possible IRS errors or penalties.
LOS ANGELES (PRWEB) August 27, 2019
Tax season is full of inherent challenges including the rush to compile year-end data, verify TINs, and prepare returns. Completing these tasks within tight deadlines - in addition to daily responsibilities - makes for a stressful January. Savvy tax professionals depend on 1099 Pro’s 1099 software to give them a head start on IRS reporting updates and on fulfilling their reporting requirements. By installing software now, Filers have ample time to roll forward prior year data, add new Filers and review 2019 sample import files.
1099 Pro software supports forms 1098, 1099 (including 1099-MISC), 3921, 3922, 5498 and W-2G. Run business rule validations automatically on imported and manually keyed data. Print recipient tax forms directly to blank paper (utilizing built-in IRS templates), to pre-printed IRS forms, or to a PDF copy for internal records. Upload directly from 1099 Pro to the SOC I TYPE II Service Bureau for competitively priced print, mail and electronic filing (eFile) services. Generate electronic files for direct submission to the IRS or states via Enterprise and Corporate Suite editions.
In today’s busy world, 1099 Pro seamlessly accommodates tax preparers with rapidly changing needs. It’s easy for users to upgrade from single to multi-user installations, or to transfer from Professional to Enterprise editions. Sudden volume increase? Purchase bump codes instantly on line to increase software transactions. Need to outsource tax form printing? Outsource any number of forms to our SOC I TYPE II secured Service Bureau
1099 Pro 2019 1099 software is available for immediate download and reflects IRS 2019 updated tax forms, instructions and business rule validations. Sample import files and Excel data shells for Tax Year 2019, and prior years, are available now at https://wiki.1099pro.com/.
2019 IRS form changes reflected in this release include:
1.) Form 1098: New Box 11 Mortgage Acquisition Date.
2.) Form 1098-F: Release is pending IRS guidance.
3.) Form 1098-T: Removed 2018 Box 3 Change of Reporting Method.
4.) Form 1099-B: Multiple changes include: 2018 Check Box 3 Check if basis reported to IRS becomes 2019 Check Box 12, 2018 Check Box 12 Check if proceeds from collectibles becomes 2019 Check Box 3 Check if proceeds from: “Collectibles” or “QOF” (Qualified Opportunity Fund).
5.) Form 1099-G: New Box 5 2nd TIN Notice.
6.) Form 1099-PATR: New Box 7 Qualified Payments (for specified agricultural and horticultural cooperatives only). For specified agricultural and horticultural cooperatives only for qualified payments paid to the patron.
The IRS released Form 1098-F Fines, Penalties, and Other Amounts for Tax Year 2019, only to later suspend this year’s reporting requirement.1099 Pro is monitoring the status of draft Form 1098-F and is primed to include it in 1099 Pro and Corporate Suite software, as requisite.
Per the IRS Instructions for Form 1098-F, “A government or governmental entity and certain nongovernmental entities that exercise self-regulatory powers must file a separate Form 1098-F, Fines, Penalties, and Other Amounts, with the IRS for each fine, penalty, or other amount in excess of an amount determined by the Secretary that is paid in relation to any violation of law or investigation into potential violation of law, pursuant to a court order or agreement.”
The IRS has increased penalties for late or incorrect reporting of 1099 information returns in Tax Year 2019. Penalties can now range from $50 to $550 per return. 1099 Pro always advises verifying Name / TIN combinations ahead of time, even if your Recipient list is incomplete, and performing due diligence before furnishing statements to recipients or reporting to the IRS. With 1099 Pro’s 2019 1099 software, users can quickly generate a Bulk TIN Upload for processing by the 1099 Pro Service Bureau. The cost is only $135 per file and results are generally returned within 1-2 days. Furthermore, the results can be imported the 1099 Pro software and used to generate a W-9 mailing for soliciting correct Name / TIN combinations.
For those filers still reporting to the IRS on paper, be advised that the IRS updated the so-called “Rule of 250” in Tax Year 2018. Any filer who reports more than 250 returns, aggregated across all form types, must report ALL returns electronically. Previously, this “Rule of 250” was limited to each form type. Thus, a filer with 5 1098’s and 250 1099-MISC forms could previously report the 1098’s on paper (but no longer).
1099 Pro routinely updates user resources including YouTube video tutorials, context-sensitive help screens, and documented process walkthroughs to ensure successful experiences with all 1099 Pro software products. An online knowledge base includes sample import files in Excel templates, import field specifications, software update notes, and FAQs. 1099 Pro’s LiveChat Support provides quick responses concerning all of our software products and services. Lastly, phone support is always complimentary for registered and demo users.
ABOUT 1099 Pro, Inc. - Since 1999, 1099 Pro, Inc. has produced industry-leading tax reporting software for 1099 Informational Returns, W-2, 1042-S, ACA 1095, and FATCA 8966 forms. 1099 Pro software imports data from Excel or text files and processes printing, electronic filing, and corrections. 1099 Pro’s hosting and data processing facilities are SOC I Type II certified. 1099 Pro, Inc. also supports the Common Reporting Standard for AEOI reporting via CRS Pro software.