Clean Up Professionals this Month for Easier 1099 Filing
Get a head start on a stress-free 2017 by cleaning up your professionals now while your workload may be a little lighter. Doing so will help in the preparation of and printing of Forms 1099-MISC, 1099-INT and 1096 for each estate next month before the new January 31, 2017 deadline.
In addition to lightening next month’s load, it’s always a good idea to clean up your professionals as part of your end-of-year housekeeping tasks. Reviewing and updating your records saves you time by reducing errors. Plus, having complete and up-to-date information about all your professionals easily accessible in one location enables you to run your practice more efficiently throughout the year.
Please review the instructions to manage professionals based on the BMS software platform you use:
Learn more about Preparing for 1099/1096 Tax Season in our upcoming BMS University training for CaseLink Office users and CaseLink² and CaseLink Web users on Tuesday, December 20, 2016.
Enroll today by clicking on the appropriate software link above!
Cleaning up Professionals in CaseLink² or CaseLink Web
To make sure you’re ready to print out the required tax forms by the updated January 31, 2017 deadline, we’re going to show you how to identify professionals who may need tax documents so you can ensure payees and claimant records are complete for tax purposes.
Identifying Professionals with the Professionals Listing Report
The first step to identifying cases that may have payments made to a professional is to run the Professionals Listing Report. You can access this report in Reports > Global Reports under the “Professionals” menu. In CaseLink², you may also access this report in the Sidekick > Reports tab > Global.
On the Case Professionals Report configuration screen, choose all of 2016 as the date range (01/01/2016 through 12/31/2016), as this will limit results to the 2016 tax year. You can check the “Filter by Professionals” checkbox to filter results further.
Once you’ve run the report, you can visually check to see that the information you will need to file tax forms is complete for each professional. If any information is missing, you can work off the report to locate any missing data—such as an address or SSN/TIN—and edit your records through the Manage Professionals module found under Tools.
Manage Professionals with the “Show in Timesheets” Checkbox
Although the Case Professionals Report allows you to pinpoint records that need updating for tax purposes, it’s also a good idea to shine a light on every Professionals record to make sure it is as complete as possible. With the “Show in Timesheets” checkbox, you have an excellent reason to edit and customize your Professionals records.
The only names that appear in the Timesheets “Name” autocomplete by default are the names listed in Profile. By adding professionals to this list using the “Show in Timesheets” checkbox, you can build your own customized list of suggested names.
Then, the next time you use Timesheets and enter a name of a professional, the autocomplete function will suggest possible matches from your customized list. If one of the options is the professional you want to use, just click on the suggestion and their name and related information will be populated.
To use the “Show in Timesheets” checkbox, open a record from the Manage Professionals screen by clicking on either the first or last name of the professional in the display table. This will open the Edit Professionals screen, where you will find the new “Show in Timesheets” checkbox at the top left-hand side of the screen. Check the box to add the professional to the “Name” autocomplete suggestions in Timesheets.
Continue to make any edits, additions or updates to the Professional’s record, then click the blue “Save” button in the upper right-hand corner. You’ve now successfully cleaned up your listing and can continue on to the next record.
Clean up Repetitive Payees
The end of the year is a natural time to update and review your repetitive payees list by using the ‘Repetitive Payee Report.’ The Repetitive Payee Report lists your Repetitive Payees and is a handy way to identify professionals to whom you may need to send a 1099. For former CaseLink Office users, this report replaces the ‘Repetitive Payees and Claimants Report.’
You can access this report in Reports > Global Reports under the “Internal” menu (or in the Global Reports section of the Sidekick in CaseLink².) Generate the report by clicking “Print Report,” which will download the report in a PDF format.
The report will automatically be saved to the Global Documents – Reports Folder. You can choose not to save to this location by unchecking the box labeled “Save a copy to Global Documents – Reports Folder” at the bottom of the screen.
Cleaning Up Professionals in CaseLink Office and TrustWorks
To make sure you’re ready to print out the required tax forms next month, we’re going to show you how to identify professionals who may need tax documents so you can ensure payees and claimant records are complete for tax purposes.
Identifying Professionals with the Payments to Professionals Report
The first step to identifying cases that may have payments made to a professional is to run the Payments to Professionals Report. You can access this report under Reports > UST Forms.
Choose all of 2016 as the date range (01/01/2016 — 12/31/2016), as this will limit results to the 2016 tax year. You can check the “Fees Only” or “Chapter 7 Only” checkboxes to filter results further.
Once you’ve run the report, you can visually check to see that the information you will need to file tax forms is complete for each professional. If any information is missing, you can work off the report to locate any missing data and edit your records under Tables > Professionals.
Cleaning up Professionals, Repetitive Payees, and Claimants
The end of the year is a natural time to update and review your repetitive payees list by using the Repetitive Payees screen. Scroll through each listing of Professionals and Claimants and review the entry for accuracy and completeness. If you do not have the individual’s address or TIN/SSN, now is the time to obtain that information.
Also, take note of the “Print 1099” checkbox available in the detail area of each listing. Hopefully, you’ve been using this box throughout the year as you made entries for professionals—doing so saves you time when you are ready to print Forms 1099-MISC, 1099-INT and 1096.
TIP: Any Claimants will already have the “Print 1099” checkbox marked, as this occurs automatically when a claim is paid.
Now that you’ve cleaned up your professionals, you’ll be able to start the New Year with a lighter feeling, knowing you’re that much more prepared to face the tax season.