Press Release - January, 2015
Critical 1098 Filer Process Update!
On 12/31/2014 the IRS released updated form 1098 instructions to accommodate Mortgage Insurance Premiums reporting for tax year 2014. The new instructions affect both the 1098 borrower statement and the 1098 electronic filing.
For 2014, in order to report mortgage insurance premiums to both the borrower and the IRS, enter the letters MIP followed by one space followed by the amount being reported in the first line of box 4. Note $ signs & commas are OK.
Example: To report $1425.15 of mortgage insurance premiums paid by the borrower in 2014 enter "MIP 1425.15" into the first line of box 4 of form 1098 for tax year 2014.
For large volume filers, this change should be made on the 1098 import file(s) before importing into the 1099 Pro software. In the example, "MIP 1425.15" should be mapped to "Box 4 All Lines"
The update to 1099 Pro & Corporate Suite for this electronic filing modification is expected by 1/9/2015. 1099 Pro Enterprise version 2014.12.30 or higher and Corporate Suite version 2014.TBD.TBD and higher support this update for electronic filing.
Note: The 1099 Pro Service Bureau has this electronic filing update already in place.
About 1099 Pro LLC
1099 Pro LLC ( www.1099pro.com ) is a market-leading provider of information-reporting Solutions & Services for 1099, W-2 and 1042-S filers. 1099 Pro develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and complywith all 1099, W-2 and 1042-S filing requirements.
1099 Pro products range from i) Client Server / ASP applications capable of filing over 100 million records utilizing a MS SQL back end with a multi year presentation of forms via Internet Explorer to ii) desktop software products for filing from 20 - 100,000 forms to iii) www.eFileMyForms.com for internet filing of < 20 forms. Adjunct products include secure Hosting and Services for information processing, printing, filing and penalty abatement.
1099 Pro is a Microsoft Certified Partner, MBE certified and has received SSAE 16 SOC I Type II certification.