Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Making your 1099S List - and checking it twice or Five Times

By Ivon Lerdorf Subscribe to RSS | January 5th 2012 | Views:
loading
 
  



It’s that time of year again. Time for settlement agents all across the country to file 1099-S forms to the IRS. As with your taxes, the longer you wait, the more painful things get. So don’t wait.

Filing the statements in a timely manner has become even more critical given new Tier-3 penalty rates. Here’s how it breaks down:

•1099s (not to be confused with 1099S’s) need to be filed by January 31, 2012. We mention this since the similar form number makes things rife for confusion.

•You have till February 15, 2012 to file your 1099S’s. We believe the IRS provides a slightly longer timeframe since the forms are so complex. Note: you’ll want to check and double-check your work. Make sure there are no typos. Make sure names match tax ID numbers. You could end up paying dearly for discrepancies!

•The IRS reporting deadline is March 31, 2012. When this deadline comes around, the IRS will be able to verify the underlying information, and notify you of errors.

•If you haven’t corrected your 1099S mistakes within 30 days, it’s considered a Tier-1 penalty, and you will be assessed accordingly. This is a sham, and we’ll explain why in a minute.

•If you haven’t corrected your 1099S mistakes within 60 days, it’s a Tier-2 penalty, and you’ll be assessed accordingly. We believe this is a sham, too. Keep reading.

•You get 180 days to correct a mistake and pay a Tier-3 penalty of $100. The reason this-in our opinion—is the only realistic penalty is that the IRS is sifting through a lot of forms. The agency will take a few months before informing the filer about a mismatch in the first place. Therefore, too much time will have passed for you to return a corrected form in time to qualify for the Tier-1 and Tier-2 penalties. Tier-3 is only option left.

Once again, your Tier-3 errors will cost you a cool $100: each. If you’re filing the average number of forms (somewhere in the neighborhood of 50) for settlement agents, they’ll surely hunt you down. We are talking about a nation in debt.

Now for the good news. Here at Easy Soft, we’re happy to handle your filings for you. All you have to do is sign up for our 1099S electronic filing service. You handle the closing. Then give us the dirty work of filing the forms. We’ll be the ones making your list-and checking it twice (or five times). We’ll be the ones keeping our eyes on that February 15 deadline. Your work-as far as we’re concerned-is done!

Easy, right? The 1099S electronic filing service is part of Easy Soft’s Easy HUD software package. For more information, give us a call at 800-905-7638.

Ivon Lerdorf - About Author:
Easy Soft has automated software solutions for virtually every practice area, from case management , hud closing statement , document assembly and law firm billing and accounting software, to law office management software

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/business-articles/making-your-1099s-list-and-checking-it-twice-or-five-times.htm

Related Business Articles Subscribe to RSS

Black and Orange is a full service design agency that offers digital printing services and so much more
Published by Angie Turner on June 18th 2012 | Business
Black and Orange Creative is a full service design agency with a wealth of experience, and the creat...
 
Tangent Exhibitions display stands are certain to get your product or service noticed
Published by James Blee on June 16th 2012 | Business
Here at Tangent Exhibitions we have a selection of five separate display stands designs from you to ...
 
Go for Ecofriendly Printing service for promoting your business
Published by Robert Samuels on February 22nd 2012 | Business
The above content highlights the role of the printing service in our life, particularly in populariz...
 
Used car Manchester- useful service
Published by Roney on February 6th 2012 | Business
If you want to sell or buy a second hand car then used car Manchester is a good place for that. Cars...
 
Hyderabad packers and movers for that concerned reallocation service
Published by Purushottam Chandra on January 18th 2012 | Business
Packing and moving is the most troublesome task which we most of us don’t like. It has whole lot o...
 
The benefits of a Mail forwarding service
Published by MailNetwork on February 28th 2012 | Business
The busy life that most of us lead in the super globalized world has made unconventional services li...
 
Use a Poster Printing service to get your message across
Published by Julia Roger on March 23rd 2012 | Business
It sounds like you need the help of the professionals at Print Colour they offer a better standard o...
 
Congenial packing and moving service by movers and packers Hyderabad
Published by Ankita Gupta on January 14th 2012 | Business
Reallocation is not an easy task. We all have to do it in some point of our life. Hyper turbulent wo...
 
What should you expect with dumpster rental service?
Published by Travis Killian on July 31st 2012 | Business
Dumpster rental service is used in collecting trash, especially if you are working on a big event th...
 
Out Licensing so the Relation to New service Acceleration
Published by Robin Mills on December 26th 2011 | Business
For long, in-licensing was formerly the transaction pertaining to trading in the bio-pharmaceutical ...
 
Great service by a reliable packing and moving company
Published by Ankita Gupta on January 12th 2012 | Business
Packing and moving has become regular part of our life. We are constantly moving from one city to an...
 
My Scooter and Me is one scooter service that caters for all your needs
Published by Mary Porter on June 19th 2012 | Business
My Scooter and Me has years of experience in the motorcycle industry....
 
Hire modern postal service providers for expedient delivery of your business mails!
Published by Robwillmas on May 10th 2012 | Business
what are you waiting for? Go for these new and extremely proficient postal service providers in the ...
 
Choose the Best Car Repair non-stop service centers(autoservis nonstop)
Published by Amanda Leslie on June 14th 2012 | Business
Have you been in an instance where you have had a replacement vehicle(náhradní vozidlo) trouble...
 
Keep your valuable customers happy with a good order fulfillment service
Published by Diego Hall on April 17th 2012 | Business
Customers are the most valuable part of any business and to keep them happy you must outsource your ...
 
An IT consultancy needs to provide a fantastic service
Published by Mary Porter on June 17th 2012 | Business
If you are installing a large system then it is essential that you have people with the right experi...
 
Why Holmes Mann’s Free Machine service offer beats all competition?
Published by Holman on April 16th 2012 | Business
Holmes Mann is offering a free service on SIAT Packaging Machines. This service is valid till six mo...
 
At TUCSON, we provide first class service
Published by Meghnath Kumar on March 29th 2012 | Business
It’s better advised to have a company in hand who can help you out in such emergency situations an...
 
Used car Manchester- useful service
Published by Roney on February 6th 2012 | Business
If you want to sell or buy a second hand car then used car Manchester is a good place for that. Cars...
 
Don’t fall victim to identity fraud with Home Shred UK’s super and safe shredding service
Published by Mary Porter on July 14th 2012 | Business
Identity Theft is one of the fastest growing crimes in the UK; this crime has worryingly risen by 20...