Rentec Direct and Nelco join forces to help property managers and landlords navigate 1099-MISC tax reporting.
Rentec Direct gives you convenient solutions to complete tax forms related to your rental business, specifically completing and filing your 1099-MISC tax forms online.
Rentec Direct property managers and landlords can access the 1099 Tax Assistant report that provides information for completing 1099 tax forms.
On top of the Tax Assistant report, the system is integrated with Nelco Solutions, tax reporting professionals, to offer easy e-filing services of your 1099 forms, including recipient delivery and filing solutions with the IRS and state. There’s no need to re-enter data or pay your tax adviser to file these forms on your behalf because it’s very simple and extremely cost effective to file them electronically through Rentec Direct.
This year, we are offering one free federal filing & recipient reporting service with code RENTEC17.
See How Easy It Is to File 1099s with Rentec Direct – Webinar
Our friends at Nelco hosted a webinar this year for our Rentec Direct clients to demonstrate How Easy It Is to File 1099s Through Rentec Direct.
Here’s a recording of the webinar in case you missed it or would like to revisit any of the valuable information we covered.
The 1099-MISC webinar covers the following topics:
- Who needs to file 1099s?
- When you don’t need to file 1099s?
- Filing Deadlines for the 2017 filing season
- State Due Date Changes
- How to use Rentec’s connection to Nelco to file your 1099s electronically; includes recipient reporting, federal IRS reporting and state filing.
This year, Nelco is offering one free federal filing & recipient reporting service with code RENTEC17.
Who needs to file 1099s?
Form 1099-MISC must be filed by any individual or entity that has:
- Paid out $600 or more in rents, or services performed for a trade or business by people not treated as its employees
- Paid at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest
- Withheld federal income tax under backup withholding rules
When don’t you need to file?
Form 1099-MISC does not need to be filed by when:
- The amount paid is less than $600
- The payment is made to a corporation
- The payment is for the purchase of goods instead of services
1099-MISC Filing Deadlines
Filing Deadlines for 2017 filing season:
- Postmarked to recipients: January 31st 2018
- Postmarked to the IRS / SSA: February 28th 2018
- Electronically Filed to the IRS / SSA: April 2nd 2018
Filing Deadlines for 2017 filing season: (for all W-2’s and 1099-MISC with information in Box 7)
- Postmarked to recipients: January 31st 2018
- Postmarked to the IRS / SSA: January 31st 2018
- Electronically Filed to the IRS / SSA: January 31st 2018
All W-2 forms and 1099-MISC forms with information in box 7 are due to the IRS by January 31st, regardless of filing method. This was a fraud prevention method, new last year.
1099 Tax Assistant Report
Rentec Direct uses the information on the 1099 Tax Assistant report to pre-populate 1099-MISC Tax Forms directly through the software. The 1099 Tax Assistant Report and the 1099 e-filing feature will utilize all rent totals for your owners and vendor payments entered throughout the year. Please note that the tool automatically enters the Rent Received totals for each of your owners rather than distribution totals. If you believe you are required to report the amounts distributed to owners rather than the amount of rent received, then you will want to update these totals on the tool before continuing to the next step.
1099 E-File Features
Once you verify that the 1099 Tax Assistant reports contain accurate data, you can review, file and print your 1099-MISC forms by visiting the Setting Tab. Under the Settings Tab, click the Utilities button to find 1099 e-File and Print, which connects you to Nelco to e-File pre-populated 1099-MISC forms.
About Nelco Solutions
Nelco is an authorized partner with Rentec Direct that provides 1099-MISC solutions with the IRS. Rentec Direct users are directly connected with Nelco’s software to send 1099-MISC data straight to the IRS and all completed filings can be remotely printed and mailed directly to recipients.
To learn more details about filing your 1099-MISC tax documents through Rentec Direct, visit the Knowledge Base under the Need Help button and search for 1099-MISC Electronic Filing and/or Mail-Print Options.
For questions about filing your 1099 tax forms with Nelco for Rentec Direct contact your Nelco Rep at 800-226-4669 or at firstname.lastname@example.org