As we welcome 2021, we know our real estate partners are ramping up for another successful year of closing property transactions for their customers. However, one thing that can’t fall through the cracks in these busy times is your 2020 1099-S reporting - and filing season is almost here. At SoftPro, we want to make navigating this process as simple and efficient for you as possible. Read below for important dates, information and tips we've compiled for you to reference as you prepare your 2020 1099-S filings. Also, be sure to download our free guides for more information on SoftPro's Pro1099 product and how it can help you through your 1099-S filing process.
Recipient (Seller) 1099-S copy must be postmarked by..……………………….………..…...….....February 15, 2021
Paper Filing of 1099 deadline postmarked by (limited up to 249 records only)…..........February 28, 2021
Suggested Last Day to submit a Test file*…………………………………………………...…………......…..March 16, 2021
Electronic IRS filing of 1099 deadline for upload to IRS FIRE site by…………….………..…...….March 31, 2021
Extension request to extend 1099 Filing deadline submitted via IRS FIRE site by..…...… March 31, 2021
Tips for filing 1099-S records for the first time:
If you are filing your 1099-S records electronically for the first time, you need to complete 4419 at the IRS website. Please note: The IRS is updating their FIRE website from December 4, 2020 - January 8, 2021. The FIRE production and test sites will be available to access beginning January 8, 2021 at 12pm ET. Read more information on FIRE site availability. When the site is available, you can create a FIRE login account at https://fire.irs.gov. You should request an IRS TCC (Transmitter Control Code) as soon as possible. The IRS states the wait time is approximately 45 days. When requesting a new TCC, it must be requested online from https://fire.irs.gov. See notice on the IRS’s main page for details.
Submitting a Test file to the IRS:
The IRS has two upload sites, Test: https://fire.test.irs.gov/ and Production: https://fire.irs.gov/
*Note: There is not an official last day to submit a Test file. March 16, 2021 is just a suggested date in order to allow time for the IRS to process and return the results of “Good Federal Reporting." Once you have confirmation (either email or Check File Status) that your test file is “Good Federal
Reporting” then proceed to the Production IRS site on or prior to the deadline of March 31, 2021 and upload your IRS TAX file.
Manage your 1099-S reporting with SoftPro's Pro1099 product:
In addition to the information and tips provided above, SoftPro offers its Pro1099 product to make tracking and electronically submitting your 1099-S forms as easy as possible. With Pro1099, you can manage your 1099 filings directly within SoftPro. And just like all of SoftPro’s products and services, Pro1099 comes with the support of our award-winning customer service team if you ever find yourself needing help during the process. SoftPro's Pro1099 product can simplify your 1099-S filings with:
- • 1099-S record management (search, report, view, add, delete)
• Warnings to alert you of any 1099-S errors (available to our Select customers)
• Exception reporting for missing or erroneous information for sellers that are reportable
• Electronic submission to the IRS FIRE site
• Data import/export to your 1099-S management module
Are you a current Pro1099 customer or looking for more information on the product? Download our free guides below to learn more about what Pro1099 has to offer:
For SoftPro Select users:
For SoftPro Standard or Enterprise users:
Have questions about Pro1099 or want to see how it works?
Request a free demo or more information today!