Year-End
Processing Deadlines and Services Available:
- FIRE
(Filing Information Returns Electronically)
~ Preparation for filing 1099-S forms with the IRS
Fire Web site at http://fire.irs.gov.
Testing may be done between November 1 and February
15. Final data must be transmitted to the IRS by
March 31, 2011. (The deadline is February
28, 2011 if you do your own paper filing.)
- Recipient
Forms ~ Standard Solutions can help produce
your 1099-S forms for sellers. These Recipient Forms
must be postmarked by January 31, 2011. (This
service is not included in the YEP basic fee and
only available if FIRE filing service is also being
provided.)
Basic
Fee and Sign-up Deadline:
Deadlines
are a necessity — IRS deadlines must be met,
and our deadlines allow time for processing the large
numbers of participants in this program. YEP Service
will not be available for clients who do not sign
up by the deadline listed below or who have outstanding
balances on their accounts.
The
YEP
Basic Fee for tax year 2010
IRS 1099-S FIRE Filing is $420.00.
The
Basic Fee is discounted to $385.00 if you mail your
payment with your sign-up form by Wednesday,
December 1, 2010. You must mail
the completed paper sign-up
form to us before the final sign-up deadline
of December 17, 2010. You
can print the sign-up form using the link at the
bottom of this page.
- The
Basic Fee applies individually to separate law firms
or title companies at the same location. (Separate
setup, processing and reports are required for each
entity.)
- The
Basic Fee applies individually to separate Standard
Conveyancer™ installations at separate offices
of the same firm. (Separate setup, processing and
reports are required for each office.) There are
no separate fees for remote offices that connect
to a single, central Standard Conveyancer™
server.
- Where
a firm has merged or split midyear, the Basic Fee
applies to each business entity prior to and after
the merger. (If a firm is filing under a new Federal
Tax ID, it may be necessary to file
for a new TCC number.)
What
is included in the Basic Fee?
The
Basic Fee covers the total Year-End Processing for
over 95% of our clients. Our technicians will make
every effort to follow up with you throughout the
process; please remember, however, it is your responsibility
under the law to meet the IRS deadlines. Time
spent on repeated follow-up calls are the main reason
the service time allotment is exceeded and additional
expenses are incurred. Timely response to our calls
and making sure your data is complete and accurate
will help keep your costs to a minimum. The
Basic Fee includes:
- Up
to two hours of services performed by a Standard
Solutions technician. Includes telephone calls,
connection time, review of data with client, assistance
with edits, generation of reports, data corrections,
zip code entries, etc.
- One
Master Report and one Error Report generated by
software we run against your data to check for missing
information. Reports are delivered by e-mail in
.pdf format for your review and approval before
the data is finalized.
- A
test data file to test electronic filing with the
IRS from your office. The IRS encourages testing
for first-time FIRE
Web site users.
- Preparation
of a final data file in the electronic format required
by the IRS.
- Delivery
of the final data file to your firm. The actual
transmittal to the IRS (testing and final) needs
to be done by your firm. (At the FIRE
Web site, you need to establish your own account
for filing and follow-up). Instructions are available
at the site, or you can contact the IRS directly
at 304-263-8700, ext. 3.
What
extra services and expenses are not included in the
Basic Fee?
You
can generate Seller Recipient Forms directly from
Standard Conveyancer™ as part of the closing
package. If you wish, however, we can produce these
forms as part of the Year End Processing service:
- Seller
1099-S forms are $1.50 per form if the process is
started by January 5, 2011 (this depends
on your data being complete and accurate), or $2.00
per form if started thereafter.
- Corrected
Seller 1099-S forms are $3.00 per form.
- Mailing
labels for your Seller 1099-S forms are available
for $10.00 per page (20 labels per page).
All
reports will be delivered in .pdf format by e-mail.
Paper reports can be supplied for an additional $25.00
per printing. In addition, you will need to cover
courier/delivery expenses for paper reports.
If
errors in your data are discovered after the preparation
of your final data file, the charge to generate a
new final data file is $35.00.
Services
rendered beyond the initial two hours will be provided
at $65.00 per hour in thirty-minute increments. The
service fee increases to $95.00 per hour for services
rendered after March 13, 2008 and to $125.00 per hour
for services rendered after the March 31 IRS filing
deadline.
An
additional fee will be charged for each Extension
of Time filed with the IRS by your office: $100.00
for the first extension, $150.00 for the second extension
and $200.00 for the third extension and each extension
thereafter.
