02 Dec 2015

Clean Up Professionals Now to Get a Leap on the New Year

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The Holiday Season is here but will soon be gone in a flicker, and before you know it, the New Year will be upon us. BMS encourages all of our clients to get a head start on next year’s tasks 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 February 1, 2016 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:

Cleaning up Professionals in CaseLink Web

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 Case Professionals Report

The first step to identifying cases that may have payments made to a professional is to run the Case Professionals Report. You can access this report in Reports > Global Reports under the “Professionals” menu.

Reports > Global Reports > Professionals > Case Professionals Report

Reports > Global Reports > Professionals > Case Professionals Report

On the Case Professionals Report configuration screen, choose all of 2015 as the date range (01/01/2015 through 12/31/2015), as this will limit results to the 2015 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.

Managing 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 recent introduction of the “Show in Timesheets” checkbox in CaseLink Web 5.0, you now have an excellent reason to edit and customize your Professionals records.

With the introduction of CaseLink Web 5.0, 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.

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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.

Cleaning up Repetitive Payees

The end of the year is a natural time to update and review your repetitive payees list by using the Manage Payees/Payors module found under Tools. The table display on the Manage Repetitive Payees screen makes it easy to see at a glance whether an address or SSN/TIN is missing.

You can also use the filters at the top of the screen to narrow your results by viewing only “Payees” or “Claimants,” for example. The columns in the table display also allow you to view whether an individual is a “Payee,” “Payor,” “Claimant” or “A/R” at a glance.

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Clicking on any name brings up the Edit Repetitive Payee screen, where you can add any information that is needed for tax purposes. While you are making these changes, you can also make other updates or switch status from “Active” to “Inactive” by clicking the slider button at the top of the screen.

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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 tax season.

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 Case Professionals Report

The first step to identifying cases that may have payments made to a professional is to run the Case Professionals Report. You can access this report under Reports > UST Forms.

Choose all of 2015 as the date range (01/01/2015 — 12/31/2015), as this will limit results to the 2015 tax year. You can check the “Fees Only” or “Chapter 7 Only” checkboxes to filter results further.

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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.

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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.

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