No. DoubleTime does not submit your 1099s to the IRS. DoubleTime has a feature to easily create an end-of-year data file for all of the 1099s transactions which is saved to your computer. Once the file has been created, you can then electronically upload this file to the IRS via their website: https://fire.irs.gov.
16.39 In the DoubleTime Year End Maintenance Module, what is the Print box and Send IRS box used for?
When the ‘Print’ box is checked, this will print the 1099 record when you print the Year End Maintenance Summary report. When the ‘Send IRS’ box is checked, this indicates this 1099 record will be included in the data file that you will send to the IRS.
16.40 In the DoubleTime Year End Maintenance Module, how do I change the year displayed?
To change the year of data to create your report, click the change year button in the secondary row of buttons (2nd tool bar). You can now select the correct year and click the ok button.
16.41 How do I use DoubleTime to create 1099s? Where do I start?
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Step # 1) the 1099-S module is used to generate the IRS Form 1099-S Proceeds From Real Estate Transactions. This form reports to the Internal Revenue Service the sale or exchange of reportable real estate for each closing file. The form must be sent electronically to the IRS.
Step # 2) to electronically file your 1099-S forms, you must request a Transmitter Control Code (TCC) from the IRS. Forms and publications may be ordered by calling toll-free at 800-829-3676 or downloaded from the IRS website at www.irs.gov.
Step # 3) after receiving your 5-digit TCC number from the IRS, it must then be entered into DoubleTime. To do this, click Preferences and then Office settings. When the office settings menu appears, you will select the Office tab. In the Office tab, you will see a field that says TCC number. You will enter your number in the field. This is a one-time entry into Double Time and your office will continue to use this number from year to year.
Step # 4) once you have entered majority of the closing information in DoubleTime, you can then create a 1099 for your closing file. To generate a 1099 in DoubleTime, you will click on the 1099 button in the primary row of buttons (1st tool bar). This will bring you to the 1099 module listing the 1099s in a single line summary display. To view the 1099 record, click the 1099 button on the secondary row of buttons (2nd tool bar). Once all the information has been entered, click the Save button. This record will now be a part of the Year End Maintenance Report to the IRS.
Step # 5) DoubleTime does not submit your 1099s to the IRS. DoubleTime has a feature to easily create an end-of-year data file for all of the 1099s transactions which is saved to your computer. Once the file has been created, you can then electronically upload this file to the IRS via their website: https://fire.irs.gov.
DoubleTime Introduction
16.42 In DoubleTime, Year End Maintenance Module, I only see 3 records listed for the year and there should be more?
You may have duplicate agent names that have 1099 records associated with them. This means the number 1099 records are not reflected accurately. This is a known issue with Double Time and can be resolved by accessing the 1099 Year End Maintenance module.
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Click the ‘agent’ icon on the secondary row of buttons (2nd tool bar).
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Under the Closing Agent Name column, delete the duplicate agent names by highlighting the name in the list and click the delete button on the right of the window.
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A 1099-S Closing Agent Association window will appear; please select a new agent name to associate the 1099 records for the deleted agent. When all duplicate agent names are removed, please try your task again.
16.43 Do my sellers need to sign the 1099 form prior to submitting my electronic file to the IRS?
No. The DoubleTime program is not designed to upload a signed copy of the 1099 records. The IRSTAX file generated from DoubleTime is accepted by the IRS. Please refer to IRS publications for more information: https://www.irs.gov.
16.44 My seller's SSN is not in the correct format on my 1099 record in DoubleTime.
Once the record is displayed, click Actions then highlight Seller TIN Type then select the appropriate option for the Transferor’s identification number field.