Above, sample
1099 for in-house agents.
Above, sample
1099 printed for an outside broker.
Above
– sample 1096 for 2005.
The 1099 reporting options are found within
“Standard Reports” on the “Agent” tab. There are three commands:
-
1099/1096 Print
– this command prints the 1099 copies on the 2-per-page 8-1/2 x 11
forms.
-
1099
Disk
– this command creates the IRSTAX file for electronic filing.
-
Create
1099 Spreadsheet
– this command places the 1099 data and payee information into an MS
Excel worksheet for import into third party 1099 processing/reporting
programs.
A number of
supporting reports for staff editing, and both company and agent records
should be used to provide details needed for verification and backup for
tax reporting.
-
Edit
Agent Data 1999
– this command prints the key information needed for 1099 reporting so
the staff be sure that information complete.
-
Summary
1099 Amounts
– this command prints the 1099 total amounts for each agent including
figures detailed from closings or checks and figures for 1099 history
adjustments.
-
Detailed
Check Register
– this command is perfect for the agents – it details all commission
check gross pay, deductions, key award statistics, and totals deduction
by deduction type.
-
Vendor
Data Edit 1099
– this report should be printed prior to 1099 editing, and after for
records. It totals all 1099 amounts paid to brokers and other outside
commission payees who require 1099’s. Included also are key mailing and
ssn/ein information so the staff can be sure this information is
complete.
-
The
“Office” level reports
are handy for companies with multiple offices where the office staff is
responsible for data completeness or for printing reports for
distribution to the offices.
Above, illustration of the run screen for printing
1099/1096.
Note:
-
1099s can be printed for all or a selected agent, all or a
selected outside broker, for any paid date range (or close date range)
-
1099’s and 1096’s can be printed office by office.
-
The 1099’s can be printed based on the close date or paid
date. For close date – the commissions from closed sales are totaled,
for paid date – the commissions from paid fees are totaled (check
printed).
-
The 1096 form can also be printed – this form includes the
total 1099 amount.
In version
14.5, a separate tab within Company Information is accessed to adjust
the 1099 calculation. The above options can used to adjust the
calculation of the 1099 amount to be reported for the agents.
If no option is
checked, the 1099 commission amount is the gross earning paid to the
agent. This is the amount calculated or entered within each sale
transaction on the Agent Commission Entry “CA4” form.
Changes
to the “Edit Agent Data 1099” report.
This report
should be run prior to 1099 printing to help insure that the agent
records are complete. Each 1099 requires all agent address information
including state and zip code. Further, the agent social security number
or EIN (for incorporated agents) is required.
The report
format for 2006 has been changed help with the edit. The state and zip
are placed in columns and a column following “STABBR?” has been added.
This column indicates if the state abbreviation is “ok” or if not found
an indication of “valid?” is printed.
If the new
agent incorporation fields are utilized in agent setup, a second line
will print showing the assignments of:
Note that
these items are can be used by companies when an agent incorporates so
that two 1099’s can then be printed for the same person. In the above
example, two agents have this setup. Note that all three items must be
entered to print two 1099’s. If one is missing, only one 1099 will be
printed. Further, the incorporation name can also be printed on
commission checks.
Notes for using
the Incorporation Items:
For agents who
have been working as independent contractors and decide to incorporate,
three new items have been added to the agent setup to assist. Shown
above are the items:
-
Agent
Incorporation Date
-
Agent
Corp FedID
-
Inc. Name for Checks
By using these
items it enables the company to have the previous social security
information and also to print the incorporated name on commission checks
issued after the incorporation date. Further, for the year the agent
incorporated, two 1099’s will be issued by REAL/Easy.
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