1099-S Filing Deadline Approaching

The deadline to file 1099-S forms is fast approaching. Real estate attorneys and settlement agents are required by the IRS to submit Form 1099-S to report the sale or exchange of real estate.

For a closing that happened in 2015, the forms are due February 29,2016 if filed manually and March 31, 2016 if filed electronically. Many closing agents will hold on to them and file all of the 1099-S forms at one time.

As a real estate professional, you face fines and penalties for not filing the 1099-S form on time. But with EasySoft’s real estate closing solutions you can file 1099-S forms electronically on the day of the closing as one of your final checklist items.

All you need to do to start submitting 1099-S forms is enroll in the service. Once you are enrolled, you can submit as many forms as you need to with just one click from our real estate closing software. You’ll instantly receive a confirmation number and can rest easy knowing your forms have been electronically submitted, safely and securely.

Our real estate closing solutions are designed to eliminate the chance of errors and incomplete forms. The programs automatically populate the form based on either CDF or HUD form data and validate that data prior to submission. You will never have to worry about locating missing information months after the closing.

Electronic filing means you can complete all of your responsibilities for the closing right away. There is no reason to risk missing a deadline or risk having a transaction slip through the cracks because you waited and mailed all of your forms at once. You will also save significant staff time by not having to fill out, double-check, stamp, and mail all of your forms at one time.

Posted by Amy Prokop on in HUD Software, Other | Comments Off

January is a divorce month – can you handle the increase of family law cases?

In recent years, January has become known as a “Divorce Month.”

Research shows that the number of divorces increase by one third in January and continue to rise and peak in March.

Many people begin researching divorce options and seek legal advice in the new year. Most will wait until after the holidays as not to upset family members or ruin what is meant to be a joyous time. Some people have already made their decision to divorce before the holidays, but feel January is best time to take action.

Money is a big motivation for the surge due to many people receiving yearend bonuses that can be claimed as an asset in the divorce. Filing in the New Year also does not affect the previous year’s taxes if the couple typically files jointly.

People simply have more time to research options, consult with attorneys and ultimately go to court. Year end reflections and new resolutions are contribute to the spike in divorces in January.

The increase in divorces in the beginning of the year means crunch time for many family law attorneys.

EasySoft’s family law solution can help you manage all of your divorce and family law cases.

Make it a New Year resolution to invest in a state specific divorce software for New Jersey, New York and Pennsylvania. EasySoft solutions also include an easy way to determine tax-optimized divorce settlements plus a library of over 120 family documents.

Visit www.easysoft-usa.com to learn more about family law solutions and how it can help streamline your family law practice. Contact EasySoft at 1-800-905-7638 if you have any questions.

Posted by Amy Prokop on in Divorce Financials, NJ Family Law Software, NY Family Law Software | Comments Off

Is panic over TRID rule justified?

Depending on what one reads and believes regarding the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October, the rule is either no big deal or a really big deal. When the ‘Know Before You Owe’ mortgage disclosure rule took effect couple of months ago, many believed that its implementation would paralyze the market. So far the opposite is true. In fact, applications for home purchase mortgages were up 22% year-over-year in October. Those stats indicate that the transition to the new rules is going fairly smoothly.

It seems like several companies in the title industry are still experiencing issues due to TRID implementation. At Easy Soft, we are mindful of these concerns. And despite the dark statistics, we believe TRID rules are just starting to come to light.

The industry has been pushing the government to pass the Homebuyers Assistance Act, which provides a four-month grace period for businesses that are working in good faith to comply with the new CFPB rule. And while the measure is currently waiting to go to the Senate for consideration, Easy Soft is just focusing on providing real estate attorneys or settlement agents more tools to streamline closings.

We’ve made ALTA forms available in our system because we listened to our clients and understood this is really a requirement. And in the coming months, we are excited to release more powerful features so stay tuned!

Posted by Amy Prokop on in Other | Comments Off

Streamlining Your Family Law Practice

In today’s hectic and chaotic world, saving time and money is extremely important, especially for solo and small family law firms. Using multiple systems and manual processes and calculations can cause costly errors and take longer than necessary. But there are ways to reduce the time spent on manual processes and calculations using one comprehensive system for all of your family law work, so that you can spend more time with clients and less time crunching numbers.

Using One System for All of Your Family Law Work

Using one full system, such as Easy Soft, allows you to be ready for any situation a client may present you with. You also have room to expand your practice coverage to a neighboring state without issue or extra costs. Forms and calculations are also automated providing you and your clients with consistent and accurate data and information in half the time.

Automate Calculations & Manual Processes

To save even more time you can automate child support calculations. Using a single software package allows you to enter your data, preventing errors in other forms and worksheets and eliminating the manual process of entering the same information multiple times. Calculations are done quickly and accurately and you can review multiple child support scenarios simultaneously such as age adjustments, taxes and sole parenting vs shared parenting.

Divorce can be a difficult time for all parties involved. To make things easier, divorce settlement calculations can also be automated to make the process as painless as possible. Look at different alimony situations and compare lump sum versus periodic payments for both alimony and pensions. This will help to provide the best outcome for both sides.

Posted by Amy Prokop on in Divorce Financials, NJ Family Law Software, NY Family Law Software | Comments Off

Tips On Transitioning To The New TRID Procedures

The TILA-RESPA Integrated Disclosure (TRID) rule went into full effect on October 3, 2015. TRID does much more than introduce new forms to the process, however; it changes the entire way real estate transactions are administered. What can settlement agents and attorneys do to transition to the changes and facilitate transactions?

3 Ways Real Estate Settlement Attorneys Can Facilitate Transactions Under TRID

1. Learn the forms. There are two primary new forms under TRID: the Loan Estimate (LE) and the Closing Disclosure (CD) forms. These two forms replace the old Good Faith Estimate (GFE), the early Truth in Lending (TIL) form, the HUD-1, and final TIL forms. The new forms provide borrowers with information about their estimated monthly loan payment, the costs associated with obtaining a mortgage, and other details about fees associated with the loan. However, they are not to be used for every type of real estate transaction. Settlement agents need to know which forms to use for which transaction, and should become familiar with the new forms so they know how to fill them in correctly.

2. Learn the timelines. Timeframes are tighter and stricter under TRID. The Loan Estimate must be provided to borrowers no later than 3 business days after the borrower has provided 6 key pieces of information – name, income, SSN, address of the property for the loan, estimated value, and the mortgage loan amount sought. Lenders are responsible for providing the LE to borrowers. The Closing Disclosure form must be provided to borrowers at least 3 business days before the closing. Either the lender or the closing agent/attorney will be responsible for providing the form to borrowers. If any changes are made to the CD, the borrower receives an additional 3 days to review the revised form.

3. Steps to manage the process. Lenders are responsible for many of the new requirements under TRID, but there are several areas in which closing attorneys can help manage the process:

  • Become familiar with the new forms so you can answer client questions.
  • Keep the new timeframes in mind when providing the Closing Disclosure to borrowers.
  • Understand the new time limits and adjust your workload. Don’t promise quick closings; they can take as much as 10-14 days longer to close for the time being.
  • Encourage clients to submit their loan documentation as soon as possible to keep the process moving.
  • Avoid last minute changes as this will delay the closing.
  • Encourage clients to ask their questions, arrange walkthroughs, and make changes before the Closing Disclosure has been issued. Changes after this time will result in delays.
  • Keep communication lines open between your office, the lender, and the client so that everyone has the information they need to keep the process moving forward.

Stay On Task With Easy Soft

Easy Soft’s EasyRealEstate Suite can help real estate attorneys manage closings under TRID. The suite has been updated to reflect TRID changes and requirements. Most notably, the new Closing Disclosure forms are available in the newest software addition, EasyCDF.

The EasyRealEstate Suite is a complete software solution to help real estate attorneys manage TRID-compliant closings in-house, even if they don’t do them every day. Alerts, notifications, and built-in safeguards ensure you never miss a step and always complete the forms accurately and on-time. There has truly never been an easier way for attorneys to manage real estate closings!

EasyCDF and the EasyRealEstate Suite are available for immediate download at www.easysoft-usa.com or by calling Easy Soft 1-800-905-7638.

 

Posted by Amy Prokop on in HUD Software | Comments Off

The Effects Of Social Media On Family Law Cases

Just as social media is now being used in hiring decisions, it’s also being used in divorce and custody cases. The information gleaned from sites like Facebook, Twitter, and Instagram are now being submitted as evidence in family law cases.

While it is not unusual for character witnesses to be called in family law cases, social sites can sometimes be used in a similar manner. Negative comments, images, offensive posts, and hostile interactions can all be submitted as evidence in divorce or custody cases. Partners can much more easily keep tabs on one another – and collect evidence against one another – by using social media.

How Social Media Is Being Used In Family Law Cases

Social media has been used as evidence in many different ways. Even seemingly innocuous posts such as those involving a check-in, photos of a new partner or spouse, or those of a parent having a glass of wine or beer can be used to demonstrate that a parent is unfit for custody. Even posts by the children involved in such cases can be used as evidence.

Any of these social posts or interactions can have an impact on custody, child support, and alimony. One spouse could argue that the other doesn’t need alimony if he/she is posting pictures of frequent vacations. Another could argue that a work-sponsored golf outing demonstrates that the spouse’s job takes precedence over the kids, or that pictures from a one-time happy hour indicate a substance abuse problem.

While most people realize they shouldn’t put in writing anything they don’t want a judge to read, they seem to have a lapse in judgment when it comes to social media. Anything on social media is considered “in writing” and should be treated as such. Comments, tags, replies, images, postings, shares, and links all provide direct insight into a person and his or her interests, beliefs, and attitudes.

Protecting Clients From Themselves

Attorneys have the job of advising their clients on what actions to start, stop, or continue in order to present the most favorable impression possible in a family law case. Increasingly, limiting their presence on social media is one of those recommendations. Attorneys may find themselves recommending their clients either do not use or severely limit their presence on the sites, or set strict privacy controls during divorce proceedings.

Collect And Preserve Social Media Evidence With Easy Soft’s EasyFamilyLaw Suite

Social media is here to stay and will have an impact on family law cases for the foreseeable future. It’s important for clients to understand that whatever they post online never really goes away and can be used against them in a court of law. On the flip side, you and your clients could use their ex’s social sites to collect evidence to boost your own case.

Easy Soft’s EasyFamilyLaw Suite of software can help you manage the data and evidence you collect. Divorce Financials can help you examine several different child support and alimony scenarios if you discover that your client’s ex has been untruthful about their financial situation.

Case Information Statement has several forms to help support negotiations and features that allow you to add details, such as those that might be found on social media sites, to your case data.

Visit www.easysoft-usa.com to learn more about the EasyFamilyLaw Suite of software programs and how it can help automate your family law practice. Contact Easy Soft at 1-800-905-7638 with questions or to order a 30-day risk-free trial.

Posted by Amy Prokop on in Divorce Financials, NJ Family Law Software, NY Family Law Software | Comments Off