Calabasas, CA, May 04, 2011 --(PR.com
)-- New for tax year 2011, banks, financial institutions and other payment service providers must report merchant card and third-party payments to the IRS through the mandatory 1099-K
form. Businesses can thank section 6050W of the Housing Assistance Tax Act of 2008 for the new, sweeping reporting requirements, designed to narrow gaps in taxpayer reporting across more industries.
But they can also thank 1099 Pro® for an easy-to-use, comprehensive software solution that will simplify the process, ensure compliance and reduce potential IRS penalties.
For payment-service entities to capture monthly payment card transactions and meet the 1099-K reporting requirements, they need an accurate name and Taxpayer Identification Number (TIN) for every participating merchant. Otherwise, they risk IRS penalties for TIN/name mismatches of $100 per record.
This is just one area where 1099 Pro excels. 1099 Pro allows businesses to upload a bulk file of existing merchants and get the verification results in 24 hours. Following up on errors is just as easy, with the software generating new W-9s for collecting the correct information. As businesses add merchants, they can quickly check TINs through an API Web Service or the website, www.TINCheck.com
. As needed, TINCheck also can be used to validate addresses, verify the Office of Foreign Assets Control (OFAC) lists, and check information against the SSA Death Master File (DMF) to prevent identify fraud.
1099 Pro users will enjoy a complete package of additional services, including:
· Printing via Pro’s SAS70 printing facility or to plain paper
· Electronic delivery and web presentment of forms to recipients
· Importing daily, monthly or year-end transaction values
· electronic filing with the IRS
· ASP.Net access thru Internet Explorer or software access
· Electronic storage & association of scanned W-9s
· Managed services to assist with importing, filing, risk assessments and more
· Hosted solutions through Pro’s SAS 70 Certified Qwest Data Center
“The new 1099-K reporting requirements could be a bit daunting for many affected businesses. But with our latest 1099 Pro software solution, they can break it down into simple, manageable steps – from checking TINs early on to filing forms electronically with the IRS later,” said Raymond Stewart, CEO of 1099 Pro, Inc. “Plus, they can breathe easy knowing they’re complying with all the rules.”
The 1099-K reporting services are available through the 1099 Pro Corporate Suite and will soon be included in 1099 Pro’s popular desktop applications, 1099 Pro Enterprise and 1099 Pro Professional. 1099 Pro is an Authorized IRS Transmitter, MBE Certified and an Authorized Microsoft Partner.
For more information, go to www.1099K.com or contact Tina Caraco, Service Bureau Manager, at (866) 444-3559, Ext. 332. Interested individuals can also email firstname.lastname@example.org.
1099 Pro, Inc. is a market-leading provider of information-reporting solutions & services for 1099, W-2 and 1042-S filers. 1099 Pro develops and markets a comprehensive range of products that enable any size business or institution to effectively manage and comply with all information reporting requirements.
1099 Pro is one of the United States' largest filers of information returns. Approximately one in every ten information returns filed is either directly filed by 1099 Pro or the company’s software. Clients range from large filers, with over a hundred million forms, to sole proprietors with fewer than ten. More than half of the Fortune 100 companies use 1099 Pro to meet their filing requirements.