Make your tax reporting season and the entire year easier when your institution invests in 1099 software for financial institutions. Whether you work at a bank, credit union, or brokerage, your institution deserves software that makes everyone’s jobs easier. The best 1099 software adapts across industries and provides fundamental reporting features. Make sure that you utilize a customizable system that a vendor designed with your industry in mind.
Advanced Micro Solutions created a base W-2/1099 Forms Filer program with six wide-ranging and optional add-on modules. We designed our software to support financial institutions like we made sure it supports small businesses and accountants. The core software and extra features operate in all 50 states, plus the District of Columbia and Puerto Rico.
Is 1099 Software for Financial Institutions Necessary?
Send 1099 forms to your clients easily when you use financial institutions 1099 software. Some specific forms that a 1099 program can help your institution generate include:
Form 1099-INT – Generate and distribute forms faster with 1099 software. Send each of your 1099-INT forms to individuals that earned $10 or more in interest from your financial institution. Pair your tax software with a full accounting suite of tools to keep better track of the applicable individuals.
Form 1099-DIV – Save time when you use software to report dividends and distributions to both taxpayers and the Internal Revenue Service. The best 1099 software for financial institutions will generate 1099s that reflect the actual form. Use software to know where you should input your specific data figures.
Form 1099-OID – Filing Form 1099-OID is not common for many people. Make sure that your financial institution has a software tool that can support you. Reduce the risk of mistakes or a miscalculation that triggers a 1099 Original Issue Discount fraud alert.
Form 1099-R – Get support when filing Form 1099-R with a comprehensive software system. Find a program that provides easy form alignment and large-batch print jobs. Automate your printing and print your own blank filing forms with a Software Generated Forms module. AMS offers these exact capabilities to financial institutions.
What are the Must-Have Features of 1099 Software?
Determine the best 1099 software for financial institutions by the features it offers that you need and want. The following features will streamline 1099 filing each tax season and throughout the entire year:
Easy Information Gathering – Avoid juggling paperwork and collecting data or information manually with 1099 software. Click a few buttons and automate how you manage the client roster at your financial institution. Use software to track payment history, centralize all of the paperwork, and collect relevant documents.
1099 Forms Generation – Eliminate the need to create forms one-by-one. Automate how you generate tax forms and minimize the risk of avoidable errors like entering the same information twice or inputting the wrong data. Save money and improve compliance with forms that reflect an actual tax form instead of bulk-ordering tax documents.
Safety and Security – Access payer backup and restore tools with 1099 software for financial institutions. Look for a software program that allows you to save reports to an encrypted PDF. A secure system better ensures the strength of your institution in the event of an audit or a crisis with your technology.
Customizable Reports – Diversify your accessible reports with wide-reaching 1099 software. Ask your potential vendor if their system provides a variety of options such as a Table Report that generates hash totals of SSNs and TINs. Confirm that your institution may also print table and worksheet reports as you need them.
Is AMS Software the Right Fit?
AMS is an affordable option that gives users the opportunity to customize their software. Order our core W-2/1099 product or purchase it and build a full accounting suite of tools with any or all of our six optional add-on modules. Our add-on modules include AMS Payroll, E-File, Software Generated Forms, Affordable Care Act Filer, Forms Filer Plus, and 1042-S Filer. Download our free 1099-etc Demo software today to see how these modules interact with each other and our base program.
Our Software Generated Forms module is a worthwhile tool to pair alongside our 1099 software for financial institutions. Print most forms on plain white paper directly from a printer as you use the module. You may also choose to invest in one of our E-Filer options. Eliminate the costliness of paper and ink. Generate 1099 forms and send them directly to the Internal Revenue Service via our system.