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1099 Pro Offers Superior Business Tax Solutions and 1099 Reporting Software

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1099 Pro Offers Superior Business Tax Solutions and 1099 Reporting Software

1099 Pro releases its leading 2018 1099 software that provides high-end 1099 filing solutions at competitive rates. Whether in-house or via our SOC I TYPE II Service Bureau, it has never been easier to comply with the IRS's rapidly changing electronic filing and compliance requirements.

PR Newswire

LOS ANGELES, Sept. 5, 2018 /PRNewswire-PRWeb/ -- 1099 Pro, Inc. releases its flagship 2018 1099 software for those Filers demanding secure, reliable and user-friendly filing solutions. As the IRS tightens filing requirements and companies are obliged to safeguard recipient data, 1099 Pro's software and services are the superior 1099 tax reporting solution.

1099 Pro's recent User Group Meeting, in Agoura Hills, California, has helped to shed light on many of the upcoming changes for Tax Year 2018.

NEW MANDATORY ELECTRONIC FILING REQUIREMENTS
Through last year Filers were required to electronically file only if submitting 250 or more returns of any one type. For Tax Year 2018 the IRS has proposed an "aggregated total rule" in determining the 250 return threshold. For example, a Filer with 100 Forms 1099-INT and 150 Forms 1099-MISC would now be required to electronically submit their returns. Reference the Federal Register "26 CFR Part 301" for more information.

Additionally, the IRS will require in 2018 that corrected returns be filed electronically if the original returns were required to be electronically filed. For example, if a Filer submitted 250 Form 1099-MISC original returns electronically in 2017, any corrections to those 2017 originals returns as of January 1, 2019 must be filed electronically—regardless of the number of corrected returns!

NEW IRS TAX FORMS
US Code 6050Y, enacted on December 22, 2017, creates two new tax form types related to life insurance reporting. Acquirers/buyers, sellers, issuers, and payment recipients of life insurance policies all have new reporting and tax regulations centering around life settlements. Making matters more difficult, these new forms are in a "DRAFT" status by the IRS but reporting will be required for Tax Year 2018 nonetheless. Even so, 1099 Pro's 1099 software will support these new forms for Tax Year 2018.

  • 1099-LS: Reportable Life Insurance Sale
  • 1099-SB: Seller's Investment in Life Insurance Contract

2018 IRS TAX FORM CHANGES
1099 Pro's 2018 1099 software is available now and includes updated tax forms, instructions and new business rule validations. Download 2018 sample import files and Excel data shells at https://wiki.1099pro.com/.

  • Form 1098: The 2017 Box 11 Other is now Box 10. Box 9 is now Number of properties securing the mortgage.
  • Form 1098-T: Removed 2017 Box 2 Amounts billed for qualified tuition and related expenses.
  • Form 1099-DIV: New Box 5 Section 199A dividends; all subsequent boxes were renumbered.
  • Form 1099-R: New Date of payment box. New Box 7 distribution codes.
  • Form 5498: New rollover code, "PO", for reporting qualified plan loan offset rollovers.
  • Form W-2: New codes "HH" and "GG" added.

SUPERIOR SOLUTIONS & SUPPORT
This season 1099 Pro introduces improved user resources including revamped context-sensitive help screens as well as PDF printable mini-manuals on Importing Data, Service Bureau Uploads and more. Take advantage of online WIKI documentation featuring import files, import field specifications, process guides, software updates and FAQs. Use 1099 Pro's LiveChat Support for a fast response concerning any of our software products and services or try our complimentary phone support.

1099 Pro, Inc.'s Director of Business Processes, Jean-Philippe Choudhry says, "1099 Pro has been in business for nearly 30 years and now supports over half the Fortune 500 companies and files over 10% of the information returns filed in the US each year. Our customers can either print, mail, and eFile on their own or they can utilize the secure, SOC I Type II audited, 1099 Pro Service Bureau to perform these services on their behalf at competitive rates".

1099 Pro's 2018 1099 software is available for download and purchase NOW. Renewal customers are eligible for discounted Early Renewal rates while interested parties can easily convert the DEMO version into the full version upon purchase. Professional, Enterprise, and Corporate Suite software versions—in single and multi-user installs—are available to meet all users' needs. Extensive product and technical support is readily available and always complimentary. Please see our 1099 software webpage for further details or contact 1099 Pro Sales at (888) 776-1099.

ABOUT 1099 Pro, Inc.
Since 1989, 1099 Pro, Inc. has produced industry-leading tax reporting software for 1099 Informational Returns, W-2, 1042-S, ACA 1095 and FATCA 8966 forms. 1099 Pro software imports ASCII data and processes printing, electronic filing and corrections. 1099 Pro's hosting and data facilities are SOC I Type II certified, undergo automated and manual penetration tests, and are third-party audited. 1099 Pro, Inc. also provides Common Reporting Software / AEOI Reporting Software for international Reporting Financial Institutions.

 

SOURCE 1099 Pro, Inc.

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