Fund News and Alerts

1. Once you have received a TCC number from the IRS, you are responsible for entering the TCC number into DoubleTime.
2. Click Preferences menu and then Office settings.
3. When the office settings menu appears, you will select the Office tab.
4. 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.

1. To ensure you have generated a 1099 for every file that required a 1099 throughout the year, DoubleTime has a report that will tell you if you have generated a 1099 or not for a file. To access this report, you will go to Modules and then Reports. The first report you can select is 1099-S. You will enter a closing date range, the closing agent name and then the closing file status. You will then click the ok button. The report that is generated is a report that will show you the closing file number, the closing date, the sellers name and address, their Tax ID or social security number, the property address and then you will see the Gross Proceeds or if the 1099 has not yet been created for that file you will see a statement ‘No 1099 Entered’. This report will assist you to identify any 1099s that you have not yet generated inside DoubleTime.
   
   
   DoubleTime Introduction

The IRS Form 1099-S reports to the Internal Revenue Service (IRS) the sale or exchange of reportable real estate for each closing file. This form may be sent manually or electronically. For more information, please contact the IRS or browse to: http://www.irs.gov/instructions/i1099s/index.html.

There is not a way to necessarily indicate a foreign seller. However, when you are viewing a 1099 record, there is a checkbox option called ‘Foreign Seller’. The Foreign Seller check box indicates a foreign address and will format the address correctly.

Note: Checking this box does not indicate a foreign seller.

1. From the 1099 module, highlight and click the view record button on the secondary row of buttons (2nd tool bar). Once the record is displayed, select the ‘Foreign Seller’ checkbox next to the transferor’s name. The foreign seller check box indicates a foreign address and will format the address correctly.
   Note: Checking this box does not indicate a foreign seller.
   
   
   DoubleTime Introduction

1. From the 1099 module, highlight and click the view record button on the secondary row of buttons (2nd tool bar).
2. Once the record is displayed, deselect the ‘Foreign Seller’ check box next to the transferor’s name. The reason this box needs to be unchecked is that a checkmark in the Foreign Seller check box indicates a foreign address.

1. From the 1099 module, highlight and click the view record button on the secondary row of buttons (2nd tool bar).
2. Once the record is displayed, enter the rest of the name in the Transferor’s name box. If the name still does not fit in this area, please contact the IRS to obtain the correct 1099-S form and file the record manually.

No, this meets the required format for the IRS program to accept your 1099 records. For further explanation, please contact the IRS: 1-866-455-7438.

For each closing file in DoubleTime that requires a 1099, you must access the 1099 module and click Save when exiting. Saving is what actually creates the 1099 record for the file. Therefore, if you have completed the above process for a file and the updated information still does not appear, please delete the 1099 record and click save button when exiting.

The website address: https://fire.irs.gov