1099-S Services
An obligatory duty of the Settlement Agent is to notify Internal Revenue Service via filing Form 1099-S of the seller’s name, forwarding address and gross proceeds for any reportable real estate transaction. IRS rules require that reporting for 10 or more transactions, MUST be made electronically (there is no lower limit). Historically, many settlement agents have not taken this responsibility seriously and IRS has responded by fining settlement agents for failing to file or filing incorrect forms 1099-S.
Taxpayer Identification Number (TIN) Matching Service
IRS has the right to fine settlement agents if the settlement agent submits a Form 1099-S with a taxpayer identification number (EIN or SSN) that does not match the name of the seller in the records of IRS or Social Security Administration. The fine can be as high as $310.00 per incorrect 1099-S.
Generes & Associates offers a service whereby mismatched TIN/Seller names can be easily identified prior to filing with IRS thus avoiding potential penalties for incorrect filing.
Form 1099-S Electronic Filing Services
Don’t want to be bothered by filing 1099-S forms? Generes & Associates can take that burden from you. Using your 1099-S records from your settlement system, the Generes team will confirm the completeness of the records, create an electronic file and upload it to IRS. The results of the upload as well as all the documents created in the process are sent to you for audit purposes. The Form 1099-S Electronic Filing Service includes the TIN Matching Service.
Interested in how Form 1099-S Electronic Filing Services or TIN Matching Service can save you time and headaches? Click below to submit a request for pricing or more information.
How Can We Help?
Explore Our Products & Services
-
AtClose is a fully secured, scalable cloud-based, title production system that streamlines your operations through robust integrations and automation.
-
Our friendly and professional team can cover all of your transaction processing needs from receipt of the order to preparation of the settlement disclosure forms, closing documents and recording of the final documents.
-
First Trust Accounting Services offers escrow reconciliation services, both monthly and daily, for title agents and title attorneys. We guarantee our services will have you ready for your next audit.
-
Transform your boxes and drawers of paper closing files into digital files stored on your network for easy access and sharing. As little as $18 per file or even FREE!
-
Landtraq transaction management services provides superior management control over the closing process. An important sales tool, Landtraq allows interested parties, such as real estate agents, loan officers, etc., 24 hour access to check on the status of transactions with which they are involved.
-
Generes & Associates assists in all aspects of ALTA Best Practices compliance. Edwin G. Generes, CPA (inactive) has over 48 years of accounting and consulting experience, including over 25 years in the title, settlement and escrow services industry.
-
Don’t want to be bothered by filing 1099-S forms? Let Generes & Associates can take that burden from you! We also offer TIN matching services for complete peace of mind.
-
Lose your data? Need it back now and fast? Retrocopia is a safe, reliable and effortless back-up system — fully automatic and cloud-based.