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- The Key 2024 1099-S Filing Information You Need
They say the only thing certain in life is death and taxes… and, for title professionals, 1099-S reportings are an inevitable part of the job. As 2024 draws to a close, now’s a great time to start planning and preparing for this critical task.
Hopefully, you’ve been following Best Practices by keeping your reports up to date throughout the year! But if not, don’t worry— we’re here to help make the process as smooth and stress-free as possible. So, keep reading for key deadlines, essential filing tips and everything else you need to know to navigate your 2024 1099-S filings with confidence.
Submission Deadlines
Staying on top of deadlines is critical to avoid potential penalties. To help you stay organized, here are a few key dates you should have on your radar. So, go ahead and mark your calendars!
March 31: Electronic 1099-S submissions are due
March 31: Requests for 30-day deadline extensions are due
Penalties for late submissions can be substantial, so make sure your 1099-S filings are submitted on time. If you find yourself needing more time, the IRS will automatically grant a 30-day extension upon request, but a second 30-day extension requires explicit approval.
Note: The IRS only accepts up to ten 1099-S Copy A paper records. Electronic submission via the IRS FIRE system is required if you have over ten filings.
Important Pre-Filing Information
Filing electronically for the first time? Your first step is to apply for a Transmitter Control Code (TCC) through the IRS Filing Information Returns Electronically (FIRE) system. This code is your key to submitting 1099-S forms electronically, and the application must be completed and authorized by the IRS. However, the rest can be achieved using SoftPro’s Pro1099 software once you have this code.
Additionally, the IRS requires filers to enter their TCC, EIN and Business Name exactly as they appear on the IR application for TCC. To avoid any validation errors, we recommend logging into the FIRE site well ahead of the March 31 deadline to address any potential issues.
Finally, creating a 2024 IRS TAX file early in 2025 will ensure all your files are finalized and ready for the IRS. So, trust us, you don’t want to procrastinate!
How SoftPro Can Help
SoftPro can take the stress out of your 1099-S filing with Pro1099. Designed to simplify the whole process and eliminate costly errors, Pro1099 ensures your filings meet IRS standards. From identifying and correcting exceptions in your records to generating the required IRSTAX output file for electronic submissions, our platform provides the tools and support you need to handle your 1099-S filings with confidence!
See how Pro1099 can simplify your filing process! Contact us for a demo:
Key Features of Pro1099:
- Pro1099 Version Verification: SoftPro regularly updates our software to align with the latest IRS documentation and specifications.
- Application Configuration: Easily input your Transmitter Control Code (TCC) and set up payer information.
- Exception Handling: Catch and correct errors before submission with Pro1099’s exception reporting.
- Exporting and Importing Data: Simplify your workflow with tools to export individual files from ProForm to Pro1099 and mass file imports (available in SoftPro Standard.)
- Creating the IRSTAX File: Generate the required IRSTAX file for IRS submission, with options to save and rename files for easy archival and future reference.
- Direct Electronic Filing: SoftPro integrates with the IRS FIRE system so you can submit your filings using one familiar software.
- World-Class Support Team: Whether you have a quick question or need in-depth assistance, our award-winning support team is ready to help you every step of the way.
Want to dive deeper into this important topic? Check out our detailed resources pages below for in-depth user guides, dates for upcoming webinars, and “how to” videos:
We’ll also be hosting webinars covering all the 1099 filing information you need.
Sign up to join us for one of our 1099 webinars:
Of course, if you have any questions about anything covered (or not covered) here about your 1099s, reach out to us anytime.
Contact us with your 1099 filing questions:
