1099 Processing

The 1099s for owners, vendors, and delay rental payments can be automatically calculated for you within SherWare. The 1099 totals can be filed by printing on paper, creating the electronic file that for the IRS FIRE website, or by uploading to a 3rd party website to have them file for you.

1099 Processing Menu:

• View 1099 Tutorials
  A series of videos that fully cover the 1099 processing.
  
• State Payer No Setup
  Where you specify the state assigned ID used in Box 17.
  
• Tax ID Listing
  A report that lists the tax ID for each owner/vendor.
  
• Create 1099 File
  Calculates the 1099 totals.
  
• Update 1099 File
  Allows you to view/edit what was calculated and will report directly on the federal 1099 forms.
  
• Update 1099 Detail File
  Allows you to view/edit what was calculated and will report on the 1099 Reconciliation Report.
  
• Update State 1099 File
  Allows you to view/edit what was calculated and will report directly on the state 1099 forms.
  
• 1099 Summary
  A summary report with one line for each 1099 total.
  
• State 1099 Summary
  A summary report with one line for each 1099 total.
  
• 1099-Misc Replacement
  A substitute form that can be sent to the recipients for the federal 1099.
  
• State 1099 Misc Replacement
  A substitute form that can be sent to the recipients for the state 1099.
  
• Owner 1099 Reconciliation Report
  A report that breaks out the 1099 totals by well.
  
• Print 1099 Forms
  Allows you to print the 1099 form on blank paper or on the pre-printed forms.
  
• Print State 1099 Forms
  Allows you to print the 1099 form on blank paper or on the pre-printed forms.
  
• Create Magnetic Media 1099s
  Creates the electronic file that can be submitted to the IRS on the FIRE website.
  
• Create State 1099 Magnetic File
  Creates the electronic file that can be submitted to each state.
  
• SherWare 1099 Web Reporting/Submission
  A 3rd party option for electronic filing. Additional costs will apply to this option.
  
• Check 1099 Filing Status
  Allows you to logon to the 3rd party website after the files are uploaded.
  

1099 Checklist:
A guide that you can use to create your 1099 file.

1) Setup:
- The main setup is to just make sure owners and vendors have their tax ID specified and are marked to get a 1099. You can view the 1099 manual or setup video for a comprehensive list of all fields that affect the 1099 processing. The Tax ID Listing Report can be used to audit what owners are marked to get a 1099 and verify that a tax ID is assigned to each.
2) Close all runs:
- Make sure that all activity needed to report on the 1099s is processed on a run closing prior to creating the 1099s.
3) Review 1099 Processing Options:
- Determine what options you will use when creating the 1099. This includes the 1099 minimums and advanced processing options. Take note of what options you will use so that you can refer to them next year.
4) Software Update:
- Make sure you are at the latest version of the software before creating 1099s. The processing updated and confirmed after the IRS releases the specifications each year.
5) Create:
- Calculates the 1099 totals.
6) Review:
- Use the 1099 Summary and Owner Reconciliation reports to review the calculated totals.
7) Update:
- If necessary, use the Update windows to adjust the 1099 totals. This can be used to account for amounts processed outside the software.
8) Recipient Mailing:
- Use the Print 1099 or the Misc Replacement windows to print from within the software and send to the recipients. If you use our 3rd party filing service, you have the option (for a fee) to have these mailed, emailed, and available for online retrieval.
9) Federal Filing:
- We provide 3 options for you to file federally. 1) Mail: print on the red pre-printed forms. 2) FIRE: create the electronic file that can be used to submit on the IRS FIRE website. 3) 3rd Party: Upload the information to our 3rd party so they can file for you. Additional costs appy to only the 3rd option.