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1099 processing for real estate entrepreneurs

1099 Processing

Take the stress out of filing with our help

1099 Processing

If you’re a landlord, house flipper, GC, or contractor, you know how time-consuming and tedious 1099 document filing can be. Not only do you have to gather all the necessary information, but you also have to make sure everything is accurate and submitted on time. It can be a headache to do it all yourself, especially when you’re already busy running your business. That’s where our 1099 processing service comes in. Make your life easier by using our simple, hassle-free services to handle your 1099 tax requirements. So, why waste your valuable time and energy on paperwork when you can leave it to the experts?

Get started, it’s easy!

Step 1: Complete your business application

You must complete your business application every year to ensure we have the most up to date and accurate information as well as approval to provide these services.

Step 2: Complete your Business and 1099 Detail sheets

As soon as your application is processed, you will receive links to download your Business and 1099 Detail sheets. If you need help filling out the details of your 1099 sheet, we will provide instructions.

Additional help needed? If you subscribe as a monthly accounting client or book clean up / catch up services, then we can help you track down W9’s and determine proper amounts. There are 3 options to completing your 1099 Detail sheet:

  1. 1099 Processing service only: You complete your 1099 Detail sheet with ALL required information.
  2. 1099 Processing with additional help: You upload all W9’s and a simplified 1099 Detail sheet listing the vendors, amounts paid, and type of payment (interest, non-employee compensation, etc). You tell us which vendors are missing W9’s and their contact information. We will then fill out your 1099 Detail sheet in full and attempt to track down vendors and collect W9’s on your behalf at an hourly rate.
  3. 1099 Processing as part of clean up / catch up or monthly accounting services: We can log into your accounting software and help you gather the information needed to fill out the entire 1099 Detail sheet.

Step 3: Securely upload your Business and 1099 Detail sheets

It is not safe to send this information via email. You will receive your secure link to upload documents directly to us because they contain sensitive personal and business information.

It is very important that you complete these forms properly. The following requirements keep us from filing incorrect data which could result in penalties to your business.

  • Obtain all necessary vendor information including W9’s and payment details by vendor.
  • Complete ALL required vendor information before uploading your 1099 Detail sheet.
  • Only upload each completed 1099 Detail sheet once. If you have additional vendors to add, let us know and upload additional vendors on a new 1099 Detail sheet.

What happens next? How do I know my 1099 Processing is done?

  1. We receive your Business and 1099 Detail sheets with ALL required information.
  2. Then, we will create your 1099’s and confirm all proper rules have been followed.
  3. Once created, we will provide you with copies for review and approval.
  4. Finally, we will electronically file your 1099’s with the IRS and send your recipients their official copies.

Important 1099 Processing Deadlines

January 13th – Deadline to provide 1099 Detail sheet with additional help needed:
  • W9 track down service (we cannot guarantee your vendors will respond but we will make every attempt possible)
  • If you need our help getting the amounts from your financial system (Quickbooks)
January 24th – Deadline to provide your completed 1099 NEC Detail sheet

To ensure smooth reporting of non-employee compensation, submit your sheet to us as soon as possible. This will give us enough time to review and approve the form before the IRS hard deadline of January 31 for 1099-NEC filing. ***Missing this deadline may result in late filing and IRS penalties.

January 31st – IRS deadline for 1099 NEC (non-employee compensation)

Once we have your approval, we electronically submit your 1099 NEC’s to the IRS and send copies to your recipients.

February 21st – Deadline to provide all other completed 1099 Detail sheets

If you are reporting other compensation, such as interest or dividends, submit your sheet to us as soon as possible. This will give us enough time to review and approve the form before the IRS deadline of February 28th for other 1099 filing. ***Missing this deadline may result in late filing and IRS penalties.

February 28th – IRS deadline for all other 1099’s

Once we have your approval, we electronically submit your 1099 NEC’s to the IRS and send copies to your recipients.