How did your 1099 filings go for 2014? Did you find yourself frantically trying to get all the forms out at the end of the year? If so then you should look into electronic 1099-S filing services.
Stop The End Of The Year Filing Frenzy
The traditional way of filling 1099-S forms is to put all your documentation aside and then address them all at the end of the year. For some practices this might seem more efficient as you handle all the forms at the same time. For others, it’s just procrastination. Nobody likes filing tax forms and it’s easier to put them off until tomorrow.
However this can mean you end up with a big stack of filings at the end of the year. As the deadline approaches you find you are struggling to get the documents filled out on time. The forms aren’t complicated, but completing dozens of them over a short time is tedious and exhausting. Not only that but an error can lead to unwanted attention from the IRS.
Electronic Filing
The IRS not only allows but actually encourages real estate professionals to file their 1099-S forms electronically rather than on paper. It’s faster and more efficient for everyone, including the tax people. Since it’s so easy, you are more likely to file the 1099-S as part of the closing process rather than waiting until the end of the year.
Electronic filing is safe and easy. You get an immediate confirmation number so you know the form has been received and you can close the file. You save time and are less likely to make errors or overlook the form on one of your transactions for the year.
Easysoft’s 1099-S Service
For a nominal fee per transaction, you can file your 1099-S forms through Easysoft’s electronic service. The capability is built right into Easy HUD and that gives you many advantages. The form automatically pulls information from the HUD settlement statement so you won’t make errors. Since it’s available from within the software you are already using for closing, it’s easy to just click a button and get the filing over with. Forms will be sent to the IRS and the seller so your responsibility is taken care of.
Other features include a log of submissions. You can go over this log at the end of the year to make sure all of your forms were filed. If you missed one, all you have to do is pull up the case file in Easy HUD and file immediately.
Integrated 1099-S filing is just one of the many optional features you’ll find in our Easy HUD software. Don’t wait until the end of the year. Enroll now so you can start filing your 1099-S forms right away.
