Pro1099 automates the preparation of 1099-S records for submission to the IRS. It eliminates the need for pre-printed carbon 1099-S forms. Pro1099 stores all your 1099-S data throughout the year. You can enter the 1099-S data directly into the program or, if you have ProForm, you can import that data from your closing file.
Pro1099 generates a Substitute 1099-S form to give to the seller and keeps track of whether you have furnished the 1099-S information to the seller.
To prevent the possibility of your submission being returned for incomplete or inaccurate data, Pro1099 includes an Exceptions Report. This report, which you run before you submit data to the IRS, lists any problematic records so that you can correct any errors or oversights.
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