5 Questions About Electronic 1099-S Filing
Each year real estate professionals are required to file IRS Form 1099-S, Proceeds From Real Estate Transactions, for each successful real estate transaction they were responsible for closing. These forms are not complicated but it can be tedious to fill out dozens of them over a short time, and an error can leave the agency open to legal action and IRS fines.
Software developed by Easy Soft to help with HUD forms simplifies the process, ensuring the 1099-S forms can be produced quickly and accurately. Once the forms are complete, users can print them for mailing but we recommend filing them electronically from within the Easy HUD software. Users new to electronic filing often ask these questions.
Is It Acceptable
The Internal Revenue service accepts electronic versions of any of their forms as long as they are submitted in the right format. Easy Soft’s HUD forms software not only gathers all the information directly from the client file to ensure no errors, but is able to submit the information in the correct format through our 1099-S filing service.
Is It Legal?
In the very early days of digital media there were legal concerns about how tangible electronic HUD forms and other documents were when compared to paper versions. Since then there have been a number of cases confirming that electronic HUD forms and IRS documents are just as valid as their paper counterparts. After all, electronic documents are simply copies of an original and just as valid as a photocopy, fax, microfilm or other duplicate.
Is It Confidential?
You don’t want sensitive client financial information revealed to the public. Not only would that be unprofessional, it would also open your agency to legal liability. Although Easy HUD transmits 1099-S forms to the IRS over the internet, the information is encrypted so it will be gibberish to anyone who manages to intercept it. In fact it is actually safer to transmit 1099-S forms electronically than to mail them, since a mailed form could still end up in unauthorized hands.
Is It Fast?
How fast can you click a mouse? That’s how quickly our software takes information from HUD forms, puts it into the 1099-S format expected by the IRS and transmits it. The document arrives in IRS hands immediately. You know it will be complete and accurate so you don’t have to worry about having to submit a corrected document later.
Is It Expensive?
Enrollment in Easy Soft’s 1099-S electronic submission service is free. When you submit a 1099-S we charge only a nominal $10 fee for each submission. For this small charge you get guaranteed delivery of a verified and complete form.
Electronic 1099-S filling is just one of the services Easy Soft offers to assist in real estate transactions. Find out more about how easy it is to complete HUD forms by contacting Easy Soft, a developer of the best legal software for over 20 years.