1099 DIV Software: 1099 DIV Electronic Filing Record Layout

If you are required to file 250 or more 1099 DIV returns, you must file electronically. If you are required to file electronically but fail to do so, and you do not have an approved waiver, you may be subject to a penalty.

In this post we will cover the 1099 DIV electronic filing layout. You can use 1099 DIV software to generate a file according to IRS Publication 1220.

To learn more about 1099 DIV electronic filing, please visit

http://www.realtaxtools.com/

and download a FREE 1099 software demo.




Amount Codes Form 1099-DIV - Dividends and Distributions For Reporting Payments on Form 1099-DIV:

• 1 : Total ordinary dividends


• 2 : Qualified dividends


• 3 : Total capital gain distribution


• 6 : Unrecaptured Section 1250 gain


• 7 : Section 1202 gain


• 8 : Collectibles (28%) rate gain


• 9 : Nondividend distributions


• A : Federal income tax withheld


• B : Investment expenses


• C : Foreign tax paid


• D : Cash liquidation distributions


• E : Non-cash liquidation distributions

Payee "B" Record - Record Layout Positions 544-750 for Form 1099-DIV

Field Position: 544
Field Title: Second TIN Notice (Optional)
Length: 1
Description and Remarks: Enter "2" (two) to indicate notification by IRS twice within three calendar years that the payee provided an incorrect name and/or TIN combination; otherwise, enter a blank.

Field Position: 545-546
Field Title: Blank
Length: 2
Description and Remarks: Enter blanks.

Field Position: 547-586
Field Title: Foreign Country or U.S. Possession
Length: 40
Description and Remarks: Enter the name of the foreign country or U.S. possession to which the withheld foreign tax (Amount Code C) applies. Otherwise, enter blanks.

Field Position: 587-662
Field Title: Blank
Length: 76
Description and Remarks: Enter blanks.


Field Position: 663-722
Field Title: Special Data Entries
Length: 60
Description and Remarks: This portion of the "B" Record may be used to record information for state or local government reporting or for the filer's own purposes. Payers should contact the state or local revenue departments for payroll software filing requirements. If this field is not utilized, enter blanks.

Field Position: 723-734
Field Title: State Income Tax Withheld
Length: 12
Description and Remarks: State payroll tax withheld is for the convenience of the filers. This information does not need to be reported to IRS. The payment amount must be right-justified and unused positions must be zero-filled. If not reporting state tax withheld, this field may be used as a continuation of the Special Data Entries Field.

Field Position: 735-746
Field Title: Local Income Tax Withheld
Length: 12
Description and Remarks: Local income tax withheld is for the convenience of the filers. This information does not need to be reported to IRS. The payment amount must be right-justified and unused positions must be zero-filled. If not reporting local tax withheld, this field may be used as a continuation of the Special Data Entries Field.

Field Position: 747-748
Field Title: Combined Federal/State Code
Length: 2
Description and Remarks: If this payee record is to be forwarded to a state agency as part of the Combined Federal/State Filing Program enter the valid state code from Part A, Sec. 10, Table 1. For those payers or states not participating in this program, enter blanks.


Field Position: 749-750
Field Title: Blank
Length: 2
Description and Remarks: Enter blanks or carriage return/line feed (CR/LF) characters.

To learn more about 1099 E-File Software and filing forms 1099 Dividends and Distributions electronically please visit http://www.realtaxtools.com/

New Hire Act- Payroll Software

Washington has recently enacted the HIRE Act (Hiring Incentives to Restore Employment). This new law includes two tax incentives to be claimed by employers who hire workers who were previously unemployed or only working part time. The tax benefits apply to workers hired after Feb. 3, 2010 and before Jan. 1, 2011 and/ or for each worker employed for at least a year.

The first payroll tax exemption involves the employer’s share of Social Security tax on qualified employees starting on wages paid on March 19, 2010. The employer will be exempt from their 6.2% Social Security tax through December 31, 2010.

The second payroll tax credit (hire retention credit) applies in the case of the newly hired workers staying employed for at least a year. Business owners may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 tax returns.

Employees must certify by a signed affidavit, under penalties of perjury, that they have not been employed for more than 40 hours during the 60-day period ending on the date they started employment. The IRS has issued Form W-11 that business owners may use as the affidavit. You are allowed to use another similar statement if it contains employee name, Social Security Number, first date of employment and name of employer. The employee must sign it under penalties of perjury.

The IRS has released a modified 2010 Form 941 in order to claim the payroll tax exemption. Employers will start using this form for second quarter 941 filing. The payroll tax exemption is based on when the wages were paid regardless of when the wages were earned. Wages paid to qualified employees during the first quarter from March 19, 2010 to March 31, 2010 are claimed on the second quarter Form 941 as a credit. The amount of the credit will be refunded to the employer or applied towards a liability in a following quarter. The exemption must be claimed on the return for the quarter in which the wages were paid.

Use Form W-11,Employee Affidavit,to confirm that an employee is a qualified employee under the HIRE Act. Claim your payroll tax exemption using Form 941 and Payroll Mate payroll program.

Download a free trial of Payroll Mate small business payroll software .

2010 Form 941- First Quarter

Use Payroll Mate payroll software to print Form 941. 941 Form is a quarterly form used to report wages you have paid,tips your employees have received,federal income tax you withheld,both the employer’s and the employee’s share of social security and medicare taxes, current quarter’s adjustments to social security and medicare taxes for fractions of cents, sick pay, tips, and group-term life insurance,advance earned income tax credit (EIC) payments and credit for COBRA premium assistance payments.

Payroll Mate automatically populates form 941 with payroll information that has been entered in the program. The first quarter 941 form is due April 30, 2010.

Business owners try our free payroll software download easily print Form 941.

Free 1099 Software

It is a busy time of year trying to issue W2/1099 forms,file W2/1099 forms and starting new payroll for the year. As many of you know Payroll Mate includes W2 forms however for those of you who need to issue 1099 forms you may need different software. Deadlines are approaching for filing 1099/1096 forms. The deadline for 2009/2010 is March 1, 2010.

Try this free 1099 software.

W2 Mate supports 1099 MISC, 1099 INT, 1099 DIV and 1099 R forms. This 1099 software will print recipient copies to blank paper and 1099 A/ 1096 data to preprinted red ink laser forms per IRS regulations.

Fourth Quarter 941 Form

The IRS deadline, to file form 941 (Employer’s Quarterly Federal Tax Return), is soon approaching. Quarter Four Form 941, which includes payroll periods from October, September and December, is due on January 31, 2010.
Form 941 is one of the many payroll forms that a business owner or an employer needs to prepare to be in compliance with government regulations. This payroll form is used by employers to report wages paid, tips employees have received, federal income tax withheld, both the employer and employee share of social security and Medicare taxes, the current quarter’s adjustments to social security and Medicare tax for fraction of cents, sick pay, tips group-term life insurance, advanced earned income tax credit (EIC) payments and credit for COBRA premium assistance payments. Credit for COBRA premium assistance payments is new to form 941 this quarter. This box has been added to accommodate COBRA premium benefits set forth in the economic stimulus package.

Using payroll software can save a business owner vast amounts of time and energy. An automated payroll solution can keep a business owner from possible mistakes during tedious calculations.

1099 Software Review

It is that time of year to be thinking about W2 and 1099 forms. Payroll Mate generates W2 forms for the user however if you also need to complete 1099 Misc forms for your vendors you may want to consider trying W2 Mate. W2 Mate supports 1099 Misc form printing. This software prints 1099 Misc copies B, C, state 1 and 2 to blank paper. W2 Mate supports a multitude of features/optional
features that you can add to the program if they fit your needs such as e-filing.


1099 Software Reviews can be a valuable tool when evaluating a product or you may want to test the product for yourself.

Download a free demo of 1099 software: W2 Mate download

Payroll Mate 2010

Real Business Solutions has released Payroll Mate 2010. A few new features in the program are state reporting for California and New York and a general ledger report. The general ledger report can be exported as a .qif file to be imported directly into Quicken or an excel file.

Remember besides preparing for next year's payroll you have to prepare for end of the year wage reporting. Employers are required to file W-2 Forms (Wage and Tax Statements) for each of their employees. Employees whom have had income, Social Security and Medicare taxes withheld from their pay. A W-3 form is required to be filed with the W-2 Forms. A W-3 Form is a transmittal summary. This form gives a total amount and number of the W-2 forms being filed. W-2/W-3 forms are filed with the Social Security Administration not the Internal Revenue Service. At this time the SSA requires any employer filing more than 250 W-2 Forms to file those forms electronically versus mailing paper forms. W2 forms are to be issued to employees no later than January 31st. Employee copies consist of copies B, C and 2.
Payroll Mate supports these forms.

Fourth quarter 941 forms are due January 31st encompassing payroll in October, November and December. Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax which is due February 1st. Payroll Mate supports both these federal tax forms.

To try this comprehensive payroll software for yourself download a free demo program from the following link:
Payroll Mate Demo

For more information about software and wage reporting supplies visit Real Business Solutions