1099-MISC SSN Masking Added to 2013 1099-MISC Software, Announces RealTaxTools.com

News provided by

Real Business Solutions

Dec 23, 2013, 09:30 ET


Chicago, IL (PRWEB) December 23, 2013 -- 2013 / 2014 1099 MISC software by Real Business Solutions (RealTaxTools.com / 1-800-507-1992) has been updated to include the ability to mask recipient (contractor or vendor) social security numbers on forms 1099-MISC. The new feature helps protect the security and identity of 1099-MISC recipients. Business filers and tax professionals can download the new software by pointing their browser to http://www.realtaxtools.com/1099-misc-software.html .

Proposed IRS regulations (REG-148873-09) permit filers of 1099 tax returns to truncate a recipient’s identification number (social security number (SSN), individual taxpayer identification number (ITIN), or adoption taxpayer identification number (ATIN)) on payee statements. Filers may truncate a payee's identification number on the payee statement (including substitute and composite substitute statements) sent to the payee in paper form or electronically.

The 1099 processing software by RealTaxTools.com helps companies apply tax ID truncation regulations and protect themselves from the liability of sending out 1099 forms that expose the recipient's SSN. Using this feature helps prevent identity theft and fraud. The software truncates the SSN by replacing the first 5 digits of the 9-digit number with asterisks (*) or Xs (for example, an SSN 111-11-1234 would appear on the paper payee statement as ***-**-1234 or XXX-XX-1234).

According to 2013 IRS regulations, penalties may be assessed for failure to file correct information returns (1099, 1098 and other similar tax forms) by the due date, without reasonable cause. This includes Form 1099-MISC. The penalty may also apply if the filer shows incomplete or incorrect information, or files on paper when required to file electronically. Businesses and accounting professionals required to process IRS Form 1099-MISC this year can rely on W2 Mate for all their 2013 / 2014 filing needs.

By integrating with the best-in-class enterprise accounting, tax and payroll applications, W2 Mate provides W2 1099 filers with the ultimate solution for information return and tax form processing for the 2013 / 2014 season. W2 Mate can import data from Microsoft Great Plains, Microsoft Dynamics GP /SL, Sage MAS 90, Sage MAS 200, SAP, Intuit QuickBooks, Sage Peachtree, Sage 50 and many more.

Year after year, small businesses and accounting firms rely on W2 Mate to process accurate and timely 1099 and w2 returns with the IRS and Social Security Administration. W2 Mate software has some of the best 1099 software reviews in the industry. W2 Mate W2 and 1099 tax software offers support for paper-print and paperless (electronic) wage and information return preparation for 1099-MISC, 1099-INT, 1099-DIV, 1099-R, W-2, 1099-S, 1098-T, 1098, 1099-K, 1099-A, 1099-B, 1099-C, 1099-PATR, 1099-OID and associated transmittals (1096 and W-3 forms).

Free 1099-MISC processing software trial can be downloaded by visiting http://www.realtaxtools.com/W2-Mate.html .

Nancy Walters, Real Business Solutions, http://www.realtaxtools.com/, +1 (708) 590-6375, [email protected]