1099 Services
Navigating New IRS Regulations & Mastering Year-End Tax Savings
Balanced Asset Solutions specializes in tax minimization and the new IRS 1099 process. Our team of licensed CPAs and professionals across the U.S. provides comprehensive services for both residential and commercial property managers.
Learn key details on 1099 updates and effective year-end tax strategies.
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Critical 1099 Updates
- The IRS issued final regulations to reduce the 250-return threshold enacted in prior regulations to generally require electronic filing by filers of 10 or more returns in a calendar year
- The IRS created a new, free online portal to help businesses file Form 1099 series information returns electronically
- For the 2023 tax season, you may use either FIRE or IRIS for e-filing
- The Filing Information Returns Electronically (FIRE) system will remain available for bulk filing Form 1099 series through at least the 2023 filing season
- The IRS is transitioning to the new IR-TCC Application for FIRE for those who received their TCC(s) prior to September 26, 2021
- Customers must take action to keep their existing TCCs active
- Apply for a Transmitter Control Code (TCC) to e-file Forms 1099 with the Information Returns Intake System (IRIS)
- Sign or create new account using ID.me
- Complete necessary forms on IRIS application for TCC
- Sign application with 5 digit pin
- IRS will perform verification, then assign TCC (can take up to 45d but often quicker)
- Use IRIS to file 1099s
Download step by step directions
Purpose of Changes
- Simplify the 1099 process
- Reduce the amount of paper forms filed
- E-file both small and large volumes of 1099-series forms by either keying in the information or uploading a file with the use of a downloadable template.
Gather information
- Identify all recipients
- Determine payment types
- Gather payment details
Obtain your TCC (not necessary if filing via paper)
- Pre 2021 TCCs – take action to keep active
- Create IRS secure access account
- Request TCC
Prepare and file
- Choose filing method
- Verify recipient details
- Validate payment accounts
- Submit 1099s
Additional considerations
- Furnish 1099 to recipients
- Retain copies
- Seek professional assistance if needed
Q: What are my critical filing dates?
A: Apply for TCC asap if filing electronically.
January 31, 2023: Furnish 1099’s to owners and vendors, and file vendor 1099s with IRS
February 28, 2023: Deadline to file paper owner 1099s with the IRS
March 31, 2023: Deadline to owner 1099s electronically
Q: Is IRIS now the only option for e-filing 1099s?
A: For the 2023 tax season, you actually have two options: the familiar FIRE system or the new IRIS portal. Both are free and allow electronic filing. However, starting in 2024, IRIS will be the only option for businesses filing 10 or more returns.
Q: I have fewer than 10 recipients. Do I still need to file electronically?
A: While not mandatory, electronic filing offers several benefits, including faster processing, reduced errors, and easier recordkeeping. You can still file paper forms, but the deadline is earlier (February 28th vs. March 31st).
Q: How do I transition to IRIS if I already use FIRE?
A: If you received your TCC before September 26, 2021, you’ll need to apply for a new one through the IR-TCC Application to use IRIS. This ensures your existing TCC stays active. Don’t worry, FIRE will still be available for 2023, but it’s good to start familiarizing yourself with IRIS for the future.
Q: How do I get started with e-filing?
A: The first step is applying for a Transmitter Control Code (TCC) – your unique identifier for electronic filing. You can do this through the IR-TCC Application or directly for IRIS. Once you have your TCC, choose your preferred platform (FIRE or IRIS) and follow their instructions for preparing and submitting your 1099s electronically. Remember, deadlines are approaching, so don’t delay!
Our Process
Our streamlined process will ensure a smooth transition for you.
Step 1
Complete our form, and we’ll provide you with a complimentary quote tailored to your specific needs.
Step 2
Our team will contact you to schedule an initial meeting at a mutually convenient time.
Step 3
In the meeting, we’ll ask questions to understand your accounts payable, accounts receivable, bank reconciliations, financial reporting, and closing procedures comprehensively.
Step 4
Once expectations are clear, we will document your current processes, pain points, goals, and operational intricacies.
FAQ
Balanced Asset Solutions sets itself apart by providing a comprehensive, technology-centric approach to property management consulting. We have deep relationships with industry-leading software platforms like Yardi and Appfolio, allowing us to offer tailored solutions to streamline and scale your business. Additionally, our expertise spans over 30 states, and we provide niche services such as project-based costing models and assistance with Department of Real Estate audits.
We understand that property management software implementations can be challenging. At Balanced Asset Solutions, we take the hassle out of switching accounting platforms by providing streamlined Yardi and Appfolio implementation and support services. Our experienced consultants ensure a seamless transition, saving you time and effort while ensuring your accounting system runs smoothly.
By outsourcing your accounting and bookkeeping needs to Balanced Asset Solutions, you can free up your time and focus on growing your business. We offer monthly accounting services, general bookkeeping, revenue and growth optimization, monthly reporting, accounting clean-up, and dedicated support. Our CPAs also provide auditing services, including internal and external audits, forensic accounting, and acting as a liaison during Department of Real Estate audits.
Balanced Asset Solutions offers comprehensive tax services to help minimize your tax liability. Our team of licensed CPAs, MBAs, and professionals provide pre-acquisition due diligence, property tax appeals, property revaluation, tax bill services, and expertise in complex industries. We ensure you are in compliance with state and local regulations and guide you through the process to minimize your tax burden.
In today’s digital landscape, online visibility is crucial for the success of your property management business. Balanced Asset Solutions provides web development and SEO services to boost your online presence and generate more leads. Our services include website development, SEO, content and blog writing, search engine marketing, social media marketing, video marketing, and more.
Please feel free to reach out to us via the chat function or our contact page for any further questions or assistance.
Absolutely! Balanced Asset Solutions offers its property management consulting services nationwide. Whether you’re located in a large city or a smaller town, we have the expertise and resources to assist you in optimizing your property management operations. Our team has worked with clients across various states, ensuring that we can cater to your specific needs regardless of your location.
Yes, we understand that every business is unique and has different requirements. Balanced Asset Solutions offers project-based pricing options to accommodate your specific needs and budget. Whether you need assistance with a specific project, software implementation, or a comprehensive consulting engagement, we can tailor our pricing structure to suit your requirements. Contact us to discuss your project and explore the pricing options available.
Balanced Asset Solutions specializes in helping property management businesses optimize their operations and achieve long-term success. Our comprehensive consulting services cover various aspects such as software implementation, accounting and bookkeeping, auditing, forensic accounting, taxes, training, web development, and SEO. Whether you need assistance with streamlining workflows, maximizing efficiency, minimizing tax liabilities, or enhancing your online presence, our team of experts is here to provide the guidance and support you need.
Absolutely! Balanced Asset Solutions has extensive experience working with different sectors within the property management industry, including affordable housing, military housing, student housing, and more. We understand the unique challenges and requirements of these specialized sectors and can provide tailored solutions to meet your specific needs. Our team of experts can assist with accounting and bookkeeping, software implementation, compliance, and other relevant services specific to your sector.
Balanced Asset Solutions can help you implement project-based costing models that provide a deeper understanding of your costs and profitability for specific projects or properties. We analyze your expenses, revenues, and operational data to create customized costing models that allow you to make informed decisions and optimize your financial performance. By utilizing project-based costing models, you can gain better insights into the financial aspects of your property management projects and improve your overall profitability.
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