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1099-K Solutions

 

1099-K Solutions with 1099 Pro, Inc.

Founded in 1989, 1099 Pro, Inc. is a market-leading provider of information-reporting solutions and services. 1099 Pro develops and markets a comprehensive range of products that enable any size business or institution to effectively manage and be compliant with IRS requirements. The 1099-K form has been integrated into all of our software and services. Below, we've provided step-by-step instructions on preparing and filing your 1099-K forms. As always, we offer free phone, email, and online support to all current and potential customers; if you would like to contact a representative, please call 888-776-1099, email support@1099pro.com, or visit www.1099pro.com and click on the "Live Support" button at the top-right of the site.

How To Process 1099-K Forms:

Filer and Payee Information Boxes

How to process 1099-K forms

Part A:

Box Titles:

FILER'S name, street address, city, state, ZIP code and telephone no.

FILER'S employer identification no.

PAYEE'S taxpayer identification no.

Payee's address

Account Number

PSE'S name and telephone number

These boxes are reserved for Filer and Payee information. 1099 Pro software can import this information directly into the software, making it easier to complete your forms. To avoid costly IRS penalties, it's extremely important that your recipient's Taxpayer Identification Number (TIN) and name are both assigned to the same individual. 1099 Pro offers two solutions for confirming TIN/Name combinations: the Service Bureau Bulk TIN matching, and TINCheck.com.

The Service Bureau:

The Service Bureau can transmit your file to the IRS Bulk TIN Matching Program. A transmission of up to 100,000 records is simple via the 1099 Pro software's upload wizard and secure FTP agent. Other services offered by the Service Bureau include printing, mailing, electronic delivery to recipients, and web presentment. All services have been certified with SAS70 Type II security.

TINCheck.com:

The TINCheck is an interactive website featuring a straight forward and user friendly interface. A user simply logs in with a username and password, and instantly gains access to multiple verification sources in one place. TINCheck simultaneously checks The US Treasury's OFAC/SDN list, The SSA's Death Master File, Banned Patron Lists for Casinos, Denied Persons List (DPL), Excluded Parties List (EPLS), and USPS Address Validation.

Part B:
Gross, Merchant Code, & Monthly Total Boxes

Box Titles:

Gross amount of merchant card/third-party payments

Merchant category code

5a, 5b, 5c, 5d, 5e, 5f, 5g, 5h, 5i, 5j, 5k, 5l.

These boxes are dedicated to the reporting of gross and monthly totals, as well as assigning a merchant category code. Category codes are listed in the IRS Instructions for filing 1099-K forms, which can easily be located within 1099 Pro software.

If you have your information listed in an Excel spreadsheet or delimited format, 1099 Pro software can easily and quickly populate these forms with your information, while checking for errors.

Additional Information:

1099-K Strategy + 1099 Pro Software

  1. Evaluate overall acquirer needs and develop an IRS compliant implementation strategy.
  2. Develop compliant merchant account opening procedures using real-time TIN/Name validation.
  3. Setup merchant correspondence procedures for mismatch, corrections, and inquiries via web, IVR, and mail.
  4. Batch verify all existing merchant TINs and associated legal names to identify mismatches.
  5. Process and resolve mismatches in the IRS approved method.
  6. Setup and begin tracking IRS notices. (CP2100/B-Notice, 972CG,...)
  7. Setup withholding and reconciliation procedures in preparation for 2012.
  8. Begin tracking transactions and process IRS compliance validation rules in real-time.
  9. Verify/reconcile consolidated transactions for merchant year-end statements.
  10. Customized printing of the merchant year-end statements in the IRS approved format.
  11. Electronic and/or postal delivery of merchant year-end statements.
  12. Pre-filing corrections processing and corrected statement reissuing.
  13. Electronically file all information returns in the IRS approved format.
  14. Throughout the year process and file corrections for already filed forms.
  15. Implement any IRS regulation changes for the next reporting year.

To get the latest information, please call 818-737-2330 or complete the following form. (Fields with a re asterisk * are required)

Contact Information
*Name:
*first name *last name
*Title:
*Company:
*Address:
Address:
 
*City
State
*Zip
*Country:
*Phone:
  Phone Ext:
(Phone requires 000-000-0000 format.)
*Email:
(We will not sell or distribute your email address.)