16.41 How do I use DoubleTime to create 1099s? Where do I start?

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

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

06/26/2015