1099's and W2's must be issued by January 31, 2007. Offices with more than 250 agents are required to submit 1099's to the IRS via E-File before the end of March 2007. When processing your E-File you will require a Transmitter Control Code, which is assigned by the IRS, when applying for E-file. It can take up to 30 days to receive your code, so please apply early. See the 1099 topic (9.5.4) in the HELP menu for more detailed instructions. Any size office can submit via e-file, however offices with over 250 agents are required to.

Please refer to the 1099 topic (9.5.4) in our HELP menu or view the tutorial on our website www.lwolf.com for more information on generating your tax slips. After you have created your 1099 file, instructions for connecting and electronically downloading your 1099's can be viewed/printed from a PDF document from our website at: http://www.lwolf.com/pdf/Connecting-to-the-IRS-and-Transmitting-your-file.pdf

To print a report that will detail what your agents tax slips are based upon, use the 1099 Breakdown Report (9.5.7). This will print a report that will show the figures used to generate the tax slip amounts (9.5.4).

For a report detailing the 1099's for Outside Brokers, use the OB 1099 Report (2.P.C.O).

For a report detailing the 1099's for Vendors, use the Listings for Tax Slips report (5.6.5).

New Procedure for Processing Rentals - You have the ability to generate 1099's for rent paid to vendors, and for transactions processed where tenants were paying rent to a landlord.

If you have vendor's that need to have 1099's issued for rents, go into the vendor profile (5.8.1), in the Tax Slip field, there is an option to select what box the 1099 amount will show up in. Box 1 is Rent.

To generate 1099's for rent received from tenants and paid out to landlords on transactions, click on the Options button in 9.5.4, and select your Rental Transaction Classifications. Then when you click on the Rentals button on the List screen, the buyer entered on the People screen of Rental transactions (2.1) will be populated. This will issue a 1099 to the buyer who paid the rent.