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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 250 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 $260.00 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.