Product Release - May, 2011
SAS70 Service Bureau Manager
Email Tina Caraco
End to End Solution Processing Form 1099-K
1099 Pro Expands its Services with Easy, Electronic Reporting of New, IRS-Required 1099-K Forms
Soon after the IRS announces mandatory reporting of merchant card and third-party payments, 1099 Pro, Inc.one of the largest filers of information returns in the nation - introduces a solution to make 1099-K filing easier and more efficient.
Calabasas, CA May 5, 2011
New for tax year 2011, banks, financial institutions and other payment service providers must report merchant card and third-party payments to the IRS through the mandatory 1099-K form. Businesses can thank section 6050W of the Housing Assistance Tax Act of 2008 for the new, sweeping reporting requirements, designed to narrow gaps in taxpayer reporting across more industries.
But they can also thank 1099 Pro for an easy-to-use, comprehensive software solution that will simplify the process, ensure compliance and reduce potential IRS penalties.
For payment-service Entities to capture monthly payment card transactions and meet the 1099-K reporting requirements, they need an accurate name and Taxpayer Identification Number (TIN) for every participating merchant. Otherwise, they risk IRS penalties for TIN/name mismatches of $100 per record.
This is just one area where 1099 Pro excels. 1099 Pro allows businesses to upload a bulk file of existing merchants and get the verification results in 24 hours. Following up on errors is just as easy, with the software generating new W-9s for collecting the correct information. As businesses add merchants, they can quickly check TINs through an API Web Service or the website, www.TINCheck.com As needed, TINCheck also can be used to validate addresses, verify the Office of Foreign Assets Control (OFAC) lists, and check information against the SSA Death Master File (DMF) to prevent identify fraud.
1099 Pro users will enjoy a complete package of additional services, including:
The new 1099-K reporting requirements could be a bit daunting for many affected businesses. But with our latest 1099 Pro software solution, they can break it down into simple, manageable steps from checking TINs early on to filing forms electronically with the IRS later, says Raymond Stewart, CEO of 1099 Pro, Inc. Plus, they can breathe easy knowing they are complying with all the rules.
The 1099-K reporting services are available through the 1099 Pro Corporate Suite and will soon be included in 1099 Pro's popular desktop applications, 1099 Pro Enterprise and 1099 Pro Professional. 1099 Pro is an Authorized IRS Transmitter, MBE Certified and an Authorized Microsoft Partner.
For more information, go to www.1099K.com or contact Tina Caraco, Service Bureau Manager, at (866) 444-3559, Ext. 332. Interested individuals can also email 1099 Pro
About 1099 Pro, Inc.
1099 Pro, Inc. ( 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.