Real estate lawyers know how time-consuming paperwork is. Especially when it comes time to submit tax filing paperwork this time of year. Whether you are a solo practitioner or have a small office with staff, getting all of your clients’ 1099-S forms together at tax time can seem like a daunting task. Using tax season software can provide a viable solution to filling these forms out by hand which can be laborious and tedious, as well as place you at risk for errors.
Software Can Help You Stay Compliant with the IRS Regulations
The form 1099-S needs to be filed with the IRS for every real estate sale that results in capital gain, and attorneys are usually responsible for reporting this taxable income on behalf of their clients. If your office handles any number of closings, you will have just as many 1099-S forms to fill out.
The IRS has very specific rules about when the forms must be filed, and the kinds of transactions that are covered. The IRS also imposes strict deadlines for filing 1099-S forms. The best way to avoid additional and unnecessary stress during tax season is to prepare your 1099-S forms year-round.
While filing these forms may be at the bottom of your to-do list, integrated software solutions provide an easy and convenient way to stay on top of these tasks as they arise, avoiding overwhelm at the end of the tax year.
What’s a 1099-S form?
The 1099-S form is used to report the sale or exchange of property that is subject to capital gains tax. The 1099-S must be filed by the seller of the property or their attorney, and a copy must be sent to the Internal Revenue Service (IRS). The information reported on the form includes the selling price of the property, any commissions or fees paid, and the name and address of the buyer.
Keep Your Office Running Efficiently with 1099-S Integration Software
Using real estate automation software can help make a real estate focused law practice run much more smoothly and efficiently. It can help you avoid the hassle of filling out forms by hand and spending time looking for hard copies of files to retrieve information. Real estate closing software can also help you move toward a paperless office and reduce additional workload for staff. By using software for your 1099-S forms, you can also:
- Save time
- Reduce paper
- Send copies automatically to the appropriate parties
- Reduce the risk of inaccurate filings
- Avoid errors that come with retyping
- Avoid misplacing information by waiting until the end of the tax year
- Avoid IRS rejections
- Increase your profit margin
- Focus on other areas of your practice
How using Easysoft software during tax season helps individuals avoid stress
Tax season can be a stressful time for many real estate attorneys, especially when it comes to filling out and submitting 1099-s forms. However, using Easysoft software during tax season can help to avoid this stress.
The software is designed to simplify the process of filling out and submitting 1099-s forms, and it can also help to ensure that the forms are accurate. As a result, using Easysoft software during tax season can help to reduce stress and provide peace of mind.
Real Estate Closing software - Contact Easysoft for a Trial
Using real estate closing software such as Easysoft can help your office run more efficiently and ensure you that you will be compliant anywhere in the United States.
1099s Services – Contact InfoTrack
Easysoft integrates with InfoTrack to help you easily move through tax filing season, while saving time and avoiding mistakes on your 1099-S forms.
Tax season can be overwhelming, but with the help of Easysoft software, you can stay IRS compliant and automate time-consuming tasks. In addition, our software will keep your office running efficiently. If you are considering transitioning your law office to use software that will help reduce the stress that is associated with tax filings, schedule a demo and trial it today