1099-Int question

[bean29]

My boss has a seperate company that I am not responsible for that he should have given himself a 1099-Int for. A regional CPA firm is working on the tax return/financial statements.

Can I go online and report the 1099-Int to the SSA and have it count as an "on-time filing"?

I work with the CPA firm too for other stuff but just though if I could do this for him it would save him some $$.

Our state does not requre reporting of information returns if there is no withholding so he is fine there.

Thanks for the info.

[Deleted]

I believe you have until the end of march to e-file a 1099 and have it be on time.

[bean29]

Yes, I understand that, but I need a mechanism to do it. Can I do it directly via the SSA/IRS?

We use Timberline for other accounting for 3 other businesses but they are all small enough that I used paper return filing. I am not sure what will happen next year when I have to do e-filing b/c I usually have to over ride data to get the right #'s on the forms.

I have a copy of Quick Books that we bought b/c the CPA firm wanted us to move off of Timberline for one of the businesses but we are not using it b/c it does not meet our needs. If I can't do it directly with the IRS maybe I could create company info in Quick books and e-file it through there?

[Deleted]

I use timberline too!

If you google for efiling 1099s you can find a list of companies that will do it for you. You just input the info on their site and file. I did it last year because I didn't get the paper ones out in time.

[Deleted]

Mar 2, 2012 11:27:39 GMT -5 bean29 said:

Yes, I understand that, but I need a mechanism to do it. Can I do it directly via the SSA/IRS?

We use Timberline for other accounting for 3 other businesses but they are all small enough that I used paper return filing. I am not sure what will happen next year when I have to do e-filing b/c I usually have to over ride data to get the right #'s on the forms.

I have a copy of Quick Books that we bought b/c the CPA firm wanted us to move off of Timberline for one of the businesses but we are not using it b/c it does not meet our needs. If I can't do it directly with the IRS maybe I could create company info in Quick books and e-file it through there?

Also, what do you mean you have to override data to get the right number on the form?

[mwcpa]

the 1099 was "due" to the vendor (your boss) by 1-31-12
the 1099 and related 1096 was due to the IRS by February 28, 2012.... if you e-file them, it's due by April 2, 2012....

www.irs.gov/pub/irs-prior/i1099gi--2011.pdf

as Archie notes there are a number of "pay" services that will efile for you, you just need to input the data.....
if you paper file today, expect a fine....

[bean29]

Archie, the forms were cleaner this year, but I think the W-2's were ok, but I had to adjust the w-2's to add personal use of company vehicles and since we did not decide to adjust until after year closed, I had to gross up the FIT/FICA.

There are 3 companies on the same data base using the same vendor file. I have some 1099 amounts that do not come out right. I think the data gets corrupted between the companies. They were a lot better this year. I was having issues with the $600 filter. My 1099 Prep report by Prefix had venors on it that should not have been there. I verified everythigng the amounts etc, and then ran the 1099's. I think the actual 1099 run was closer to being right than the 1099 preperation report, so I wondered if I could have e-filed them, but I was not confident in it.

[Deleted]

Strange. Using multiple companies with one database should be fine. That is how we are set up, too. As long as your distribution coding in AP is ok, it should not be an issue. The 1099 prep report does not have the $600 filter built into it, but you could do it yourself by conditioning the report for YTD Amount Paid >= 600.

[bean29]

MWCPA I think that link is the same one I was looking at this morning. I found this too.

I sent an e-mail to his CPA to see what he wants me to do.

www.irs.gov/efile/lists/0,,id=101242,00.html

I had the impression you could go to the IRS and e-file small numbers of forms but from the link above it looks like they direct you to the type of service Archie used last year.

I thought it was a $15 per form fine, there is only one 1099 so the fine is not huge. It might be less to pay the fine than to pay for a service to e-file it. I have an appointment, so I have to step out for awhile.

[Deleted]

IMHO, I would efile rather than file a late paper copy.

[mwcpa]

e file is the way of the future... just like ACH debiting tax payments, etc.....for many e-file is the only option though...

[bean29]

LOL Arch, the CPA is going to "take care of it". FYI it is a paper return. I don't want to say what he is going to do, but he spelled it out in his e-mail to me. He is a Partner in the firm.

[Deleted]

Mar 2, 2012 16:28:28 GMT -5 bean29 said:

LOL Arch, the CPA is going to "take care of it". FYI it is a paper return. I don't want to say what he is going to do, but he spelled it out in his e-mail to me. He is a Partner in the firm.

Trash it and pretend it never existed?

[TheOtherMe]

Thanks for the link. I will use it at the church where I prepare 1099's next year.

[cpadvisor]

Interest on an obligation owed to an individual does not need a 1099-Int.

www.irs.gov/pub/irs-pdf/i1099int.pdf

See page one "Interest excluded from reporting"