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1099 Software: What’s New in Tax Year 2017

May 29th, 2017 No comments

The new 1098, 1099, 3921, 3922, 5498 and W-2G forms for tax year 2017 are available.  Here is what is new for tax year 2017.

  1. The FIRE Test System is available from November 1, 2017 until December 8, 2017 and then again from January 2, 2018 until August 31, 2018.  This extended testing season is a good news.  Typically, the FIRE Test System is available from November until mid-February only.
  2. The FIRE Production System begins January 18, 2018.
  3. Form 1098, Mortgage Interest Statement, added Box 10 – Number of Mortgaged Properties.
  4. Form 1099-C, Cancellation of Debt, renamed Code H and deleted Code I for Box 6.
  5. Form 1099-S, Proceeds from Real Estate Transactions, added checkbox 5 which asks “Check here if the transferor is a foreign person (nonresident alien, foreign partnership, foreign estate, or foreign trust)”.
  6. Form 5498, IRA Contribution Information, added code SC.
  7. The combined Federal and State Filing program (CF/SF) added Oklahoma and removed the state of Virginia.
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Tax Year 2014: What’s new for the 1042-S and 1099 forms?

August 29th, 2014 No comments

All of the 1097-BTC, 1098, 1099, 3921, 3922, 5498 and W-2G forms changed from tax year 2013 to tax year 2014.  Instead of saying

City or town, province or state, country, and ZIP or foreign postal code

All of the forms say in tax year 2014

City or town, state or province, country, and ZIP or foreign postal code

Swapping the word state with province is a minor change, but a change nonetheless on all of the information returns for tax year 2014.

Other change made to this year’s revenue procedure are as follows:

  • Form 1099-B has been completely revised for new reporting requirements. Additional boxes have been added.  IRS Form 1099-B looks completely different from tax year 2013.
  • Form 1099-H. This form has been made obsolete.  The Health Care Tax Credit expired December 31, 2013.
  • Form 1099-INT. Boxes 10 through 13 have been renumbered boxes 12 through 15. New box 10 is used to report market discount. New box 11 is used to report bond premium.
  • Form 1099-K. Box 1 has been divided. Box 1a continues to report gross amount of payment card/third party network transactions. Box 1b reports the amount of transactions for which no card was presented. The 2nd TIN not. box was added to Copies A and C. The account number box has been shorted to accommodate the 2nd TIN not. box.
  • Form 5498. Boxes 15a and 15b have been added for reporting the FMV of certain specified assets held in IRAs.
  • Form 1042-S is completely new to accommodate Chapter 4 FATCA requirements.

Our 1099 software has been modified to include all of these changes for tax year 2014.

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Filing information returns electronically (FIRE)

November 8th, 2013 No comments

The IRS FIRE (Filing Information Returns Electronically) system is set up for financial institutions and others to electronically file Information Return Forms 1042-S, 1097-BTC, 1098, 1099, 3921, 3922, 5498, 8027, 8955-SSA and W-2G.

Advantages to filing your information returns electronically are:

It’s Paperless…

You are exempt from using pre-printed, red-ink forms AND there are no Form 1096 requirements. You can just print Copy B and C on plain paper with black ink or email a PDF file to all recipients.  Bulk e-delivery options are available.

It’s Efficient…

File Status results will be emailed to you within 1-2 business days. You can also login and check the file status within 1-2 business days.

It’s Flexible…

Copy A is typically due at the end of February.  If you file electronically, the due date is March 31.

Upload small or large files…

You can file electronically whether you have just one information return or millions. The IRS encourages everyone to file electronically and requires businesses with more than 250 information returns to electronically file.

For businesses that still prefer to use paper forms, you can print 1099 form copies and W-2 form copies on plain white paper. The software also prints on pre-printed 1099 forms and W-2 forms.

Filing Information Returns electronically is very cost-effective, is easier than filing on paper, and is more accurate. Filing status is available within 2 business days for Forms 1098, 1099 and W2-G and electronic filers receive a later due date for most returns.

When you file electronically, you are exempt from using pre-printed forms.  You can just print the return in regular paper or email a PDF file to all recipients.

Corrections

If you make a mistake on an information return, a correction should be filed as soon as possible. Our software will create corrected replacement files for electronic submission.  We follow the instructions on amending information returns filed electronically or magnetically, refer to Part A, section 11, of Publication 1220.

1099FIRE software at the site 1099fire.com creates original, replacement and corrected files in the format required by the IRS for electronic transmission. The system is updated each year to reflect the format changes that are made by the IRS.

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