1099 & W2

Processing & Reconciling

Trainer: Angela Lee

The Dial-In number is 1-877-746-4263 and the Participant Code is 0211940#

December 30, 2014

Upcoming TenMastery Schedule

January 13 – TRACS Certifications in WinTen 2+ (2+ users and agencies migrating)

Learn more about TRACS processes, certifications, and 202d changes in WinTen 2+ by attending this TenMastery webinar.

January 20 – Multi-subsidy Situations: How to handle certifications for multi-subsidy tenants

(2+ users and agencies migrating)

This TenMastery webinar will educate you on how to handle multi-subsidy situations such as when a Section 8 voucher holder is living in a Tax Credit unit.

1099s & W2s Process and Recon Agenda

• 1099 Process

• Terminology

• Preliminary reports

• WT2- Print an Owner 1099 totals

• WT2 +-S8-1099 Validation Report

• Accounts Payable Vendor 1099 Listing report

• IRS- Gather, Process & 1099 Submission

• Payroll-Process W2s

• Income Tax Withheld and Accrued & Tax Summary Report-Annual

• 941 Quarter

• W-2 processing

• E file: W-2 Accue Wage

IRS 1099 Terminology Transmitter – The name and address of the person or organization that will be submitting the file.

TCC – Transmitter Control Code. This is the assigned identifier that the IRS provided the Transmitter for submissions.

Payer – This is the person or organization that made the payments to the recipients.

Payee – The person or organization that received payments from the Payer.

Original Filing – The first submission of the records to the IRS.

Correction - is an information return submitted by the transmitter to correct an information return that was previously submitted to and processed by IRS/ECC-MTB, but contained erroneous information. Corrections should only be made to records that have been submitted incorrectly, not the entire file.

IRS 1099 Terminology

Form Types – 1099-MISC, 1099-INT, 1098

1099-MISC – This is the primary 1099 type the software will produce. This is the form used to report payments to Accounts Payable Vendors and Section 8 Landlords.

1099-INT – This is the form used to report payment of interest.

1098 – This is the form to report mortgage interest received by the agency from families.

FIRE System or F.I.R.E. – Filing Information Returns Electronically. This is the method for submission of the files. http://fire.irs.gov

1099 Processing for Year-End Preliminary Steps

Section 8 Tenant and Landlord

1. Print and Post Landlord Checks for December

2. Print the Owner 1099 Totals Report for WT2 OR The Owner 1099 Validation Report for WT2+

3. After checks, Initialize from December to January

Accounts Payable

1. Print and Post Vendor Checks for December

2. Print the Vendor 1099 Listing report

1. Checking for invalid TINs

2. Spot checking Owner Totals

Section 8 (S8) WT2 Owner 1099 Totals

S8 WT2-1099 Checkbox Maintain Landlords

Send 1099 Checkbox

S8 WT2-1099 adjustments Maintain Landlords

Checks & 1099 Adjustments

S8 WT2-Voids Voiding checks

1. Confirm 1099 check box

2. Validate TINs

3. Spot check totals

Section 8 (S8) WT2+ Owner 1099 Validation Report

S8 WT2+ Customer Information Customer Screen-Send 1099 Form Checkbox & Address Information

S8 WT2+ 1099 adjustments Customer Screen-Add 1099 Adjustment Wizard

S8 WT2+ Voids Voiding checks

AP WT2 Vendor 1099 Listing

AP WT2-Vendor 1099 Listing

AP WT2-1099 adjustments Maintain Vendors

Send 1099s, DBA, EIN

Vendors Void Wizard

IRS 1099 Module

1099 Setup-Payer Info IRS program under Setup

1099 Setup- Payer Info

*Reminder - Each TIN must have a Payer Record to get a 1099

1099 Setup- Transmitter Info

Verify Transmitters Info, Check Boxes, Tax Year & Directory

IRS 1099-Gather Process

IRS 1099-Gather Process

IRS 1099-Gather Process

IRS 1099-Gather Process

IRS 1099-Gather Process

•Review the Landlords and Vendors on the Screen

•Finish the Gather Wizard

IRS 1099-Gather Process

•Review Landlords and Vendors on the screen

•Modify records as needed

IRS 1099-Gather Process

•Changes made in the IRS module will not be reflected in the original

module (S8, AP)

IRS 1099-ReGather Process

•Add Auto Form-Re-gather 1099s

•Add Manual Form-Add a manual 1099 directly into the IRS module

•Minus-Delete a 1099

IRS 1099-Reports

IRS 1099-Reports

Confirm that the totals match your preliminary Owner and Vendor

1099 reports from Section 8 Tenant and Landlord as well as

Accounts Payables

IRS 1099-Generate Submission File

Required if submitting over 250 1099s

If less than 250, mail Copy A to the IRS.

IRS 1099-Generate Submission File

IRS 1099-Generate Submission File

IRS 1099-Generate Submission File

Upload 1099 file-Fire System • F.I.R.E. = Filing Information Returns Electronically System

*For instructions, refer to the Quick Start Guide entitled Using the IRS FIRE System

accessible from the client portal on www.tenmast.com in Documentation & Manuals, IRS 1099/Magnetic Media

Questions????

1099s & W2s Process and Recon Agenda

• 1099 Process

• Terminology

• Preliminary reports

• WT2- Print an Owner 1099 totals

• WT2 +-S8-1099 Validation Report

• Accounts Payable Vendor 1099 Listing report

• IRS- Gather, Process & 1099 Submission

• Payroll-Process W2s

• Income Tax Withheld and Accrued & Tax Summary Report-Annual

• 941 Quarter

• W-2 processing

• E file: W-2 Accue Wage

Payroll W2s

PR WT2-Tax Summary Report

1. Income Tax Withheld and Accrued Report-check details

2. Tax Summary Report-Yearly totals

PR WT2-Tax Summary Report

PR WT2 941 Report

Payroll-Process W2s

Payroll-Process W2s

Payroll-Process W2s

Payroll-Pre-printed W2 Totals

Payroll-Print W2s

Payroll-Preview W2s

Print W2 Totals & Create File

Accue Wage

Process and Reconcile 1099s & W2s

Questions????

Thank You

Trainer: Angela Lee

FOR MORE YEAR END RESOURCES AND

A RECORDING OF THIS TRAINING GO TO

www.tenmast.com

Order 1099s and W2 forms from Tenmastforms.com or by calling 800-544-3427.

You may also purchase them at your local Office Supply Store