Generate 1099s for 2016 in AppFolio (webinar slides)

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Generate 1099s for 2016December 2016


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Hello!Jake Schlingman Training Manager

Breigh CavenderKey Account Manager

Q&A Panelists: Katie RudolphAshley Ward

Today’s Presenters:


Time: Approximately 45 minutes

Webinar is being recorded: Emailed to all registrants within 48 hours!

Blog: Find the recording and slides on AppFolio.com/blog

Details


Agenda●Materials needed●Helpful reports to send with 1099s●NEW! Owner consent feature●Steps to download paper 1099s, FIRE file &

share to Owner Portals●DEMO●FAQs


End of Year Prep Poll #1What have you done to prep for year-end?

• Purchased pre-printed 1099 MISC copies for IRS (if submitting paper)

• Created an account with the IRS FIRE system and gotten a TCC

• Verified Owner, Vendor & Management co. tax settings• Recorded owner consent to only send 1099s

electronically in AppFolio (if given)• Nothing yet


Materials Required to Generate 1099s


Submitting Paper 1099s to IRS

●Only an option if you are submitting less than 250 returns

●Must purchase 1099-MISC Copy A (for IRS) with 2 forms per page

●Purchase 1099-MISC Copy C depending on your state’s requirements

●Purchase on IRS website or most office supply stores

●AppFolio will not generate or print 1096, 1042, or any form other than a 1099.


e-Filing 1099s to IRS FIRE System

• Required if submitting 250+ total returns• If e-filing, do not need to purchase 1099-MISC

copy A• Create an account with FIRE system & apply for

TCC (if have never done before)• AppFolio will generate the FIRE file for you to

submit through FIRE system


Reports to Send with 1099s


Reports•Cash Flow

oRun for tax year, includes YTD totals•12-Month Cash Flow•Cash Flow Comparison

oUseful for owners of multiple propertiesoLimited to 10 properties

•Income Statement - 12 Month


Generating Reports in Bulk

“Send Owner Packets” filters:1. Date range = Tax year2. Leave Owner and Properties

blank3. Select Show All Properties4. Select desired report, e.g

Cash Flow5. Click Search6. Click Preview links in results

to download the PDF.7. Click Email or Print to share

the reports with the owners.


Generating Reports in Bulk

Mid-year ownership changes:• Create property groups• Filter separately


Owner Consent for Electronic

1099s


Record 1099 Sending Preference

• Paper & Electronic• Paper only• Electronic only


Written Consent Through Owner Portal• Prepare consent form under

Company Settings• Share form to Owner Portals• 1099 Settings link under

Shared Documents tab


1099 Settings in Owner Portal


Example 1099 Consent Form


Generating 1099s


Generating Vendor 1099s1. Reporting > Reports > 1099s

2. Select Vendor, Tax year = 2016

3. Click Search

4. Send 1099s to Recipients (paper)

5. Download FIRE File or Download IRS 1099s

**Don’t forget to put your 1099 MISC forms in your printer before printing!


Generating Owner 1099s

1. Reporting > Reports > 1099s

2. Select Owner, tax year = 2016

3. Click Search

4. Share Electronic 1099s & Download 1099s

5. Download FIRE File or “Download IRS 1099s”

**Don’t forget to put your 1099 MISC forms in your printer before printing!


Warning Messages


Deadlines for Filing 1099s

Vendor 1099s Owner 1099s

e-Filing (FIRE file) January 31, 2017 March 31, 2017

Submitting Paper 1099s January 31, 2017 February 28, 2017


Demo


FAQs


FAQsWhy doesn’t my 1099 match my Cash Flow/Income Statement?

• Make sure that you have selected “Show All Properties” on your Cash Flow versus “Show Active Properties”

• If you have changed ownership at the property, make sure you filter the Cash Flow report for that property for the appropriate date range

• Remember that some income accounts may be exempt from 1099 reporting, and you will need to add Prepaid Rent to all income not exempt to find the total amount on your 1099


FAQsWhy are there multiple 1099s for some of my vendors?

• In the “Owners and Financials” section of each property’s page, there is the option to specify the owner or management company as the “Vendor 1099 Payer”

• If each property lists the management company here, each vendor will receive one 1099

• However, if owners are listed as the vendor payer on some properties, the vendor will receive a 1099 for each of these owners as well


FAQsI began using AppFolio midway through the year. How can I edit the amount generated by the system?

• You cannot edit the amount on 1099s generated through AppFolio• Best practice is to send one 1099 from AppFolio and one from your

previous solution


FAQsDo I have to file by e-File and if so, how do I obtain a transmitter

control code?

• The IRS requires anyone submitting more than 250 forms to submit by e-File (FIRE file)

• The Transmitter Code (TCC) must be requested by the IRS at www.IRS.gov

• Approval can take up to six weeks so don’t wait• Will also need to setup account with the FIRE file system at

www.fire.irs.gov


FAQsWho do I contact about Accounting Questions?

• AppFolio is not able to provide accounting advice. Please contact an Accountant or CPA for legal questions regarding taxes and filing


Recap


Recap

●Gather necessary materials●Generate helpful reports●Record Owner electronic 1099 consent●Generate 1099s!


1099 Help ResourcesHelp & Training > Access Help Center


Thanks!Any questions?

Please submit a support request through the Help Center!

Software

Generate 1099s for 2016 in AppFolio (webinar slides)