Easysoft, the leader in affordable software for real estate attorneys, now offers paperless filing for 1099s, making it more secure, faster, and easier to process 1099-S forms for their clients.
Real estate attorneys are required by the IRS to submit Form 1099-S to report the sale or exchange of real estate. The IRS will examine this document to determine if the seller owes real estate taxes on any gains from the sale. For real estate attorneys, who already face a tremendous amount of paperwork, having the ability to quickly, easily, and seamlessly file 1099-S forms help ensure filing in a timely manner and helps avoid potential fines that can be incurred from the IRS.
What are the Deadlines for Filing the 1099-S?
The form must be filed with the IRS by February 28 of the year following the sale (or March 31 of the following year if e-filed), and a copy must be sent to the seller by January 31 of the following year. Attorneys are required to keep a copy of the form for four years and while there are some exceptions and qualifications to this basic rule, most real estate transactions will generate this form. Failure to file will incur fines from the IRS.
How Does the Integration Work?
Easysoft clients simple start a closing using the software, and once the CD or HUD is complete, a simple click of the mouse takes the attorney or paralegal to an integration link to InfoTrack, who will be responsible for filing the 1099-S with the IRS. The most popular feature in this integration is the auto populating of the data that has already been entered into the CD or HUD at the start of the closing process. This is a tremendous feature and means no errors and much faster form generation. Once the form is complete, InfoTrack will submit all the information to the IRS and send a copy to the appropriate parties.
About Easysoft Legal Software
Easysoft Legal Software serves the needs of real estate attorneys and their staff by providing an automated closing process that includes paperless filing of the 1099-S, e-signing, title search and more. The software features the required 5-page CD (Closing Disclosure), required by the Consumer Financial Protection Bureau, CFPB as well as the HUD (used for commercial real estate closings and cash purchases).
Once the closing process has started and changes occur, whether it be with the down payments, taxes or other aspects, the entire CD needs to be recalculated and that’s where errors often occur and can cause tremendous setbacks in the entire closing process.
Jay Cantor, found of The Law Office of Jay S. Cantor, P.C., Dutchess County real estate attorney says, “Using Easysoft has been invaluable in my practice, we couldn’t function without it. My support staff finds it easy-to-use, especially in a high-volume practice like ours.”
Easysoft legal software is compliant, affordable, and easy-to-use trusted software used by thousands of real estate attorneys and their staff. Founded in 1986, Easysoft boasts a long history of serving the needs of attorneys and paralegals who need essential software for their essential needs. The software also includes the ability to export to the attorney ledger, print checks, file 1099s directly from the software and more.
Easysoft Legal Software is a subsidiary of Leap Legal Software.
If you would like more information about Easysoft Legal Software, or would like to see the product and want to schedule a personal demonstration, please contact Mark Afonso, Product Consultant at 1-800-905-7638 extension 1, or email mark-afonso@easysoft-usa.com or click here to schedule your demonstration around your schedule https://calendly.com/mark-afonso/easysoft-legal-software-demo