IRS Forms and Corrections |
  
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Navigation: Year-end Processing > Loan Year-end Processing >
IRS Forms and Corrections |
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Throughout the year, you will need to manually create various IRS forms for corrections. GOLDPoint Systems provides you with an easy ways to create, edit, and print necessary IRS forms, including your IRS corrections.
1.IRS GOLD® in CIM GOLD – This PC application makes creating and printing your IRS forms and instructions easy. All forms should be printed in IRS GOLD. Contact your GOLDPoint Systems account manager or review the IRS GOLD User's Guide for more information on this product.
Note: When you print IRS statements, the IRS instructions must also be sent to your customers (this is the information found on the back of each IRS form). This means that although the statements are authorized substitute forms, you still need to include a separate page with the IRS instructions for that form, or print the instructions on the back of the form. IRS forms and instruction information can be accessed via the Internet at https://www.irs.gov/Forms-&-Pubs.
2.GOLDPoint Systems will transmit any annually created IRS information for the current tax year for you. You will receive a report and transmittal of items being transmitted. You must sign and return the transmittal form in order for the transmission to be sent.
You are responsible for printing any IRS information created manually using IRS GOLD.
Corrections and/or new forms for loans are made by the lender during the year and entered in IRS GOLD in CIM GOLD.
At monthend, GOLDPoint Systems creates the IRS Information Return System Report (FPSDR029) and sends it to lenders via GOLDView Plus. All changes and/or new forms that your institution has entered in the IRS System year-to-date, as well as prior years’ entries, are on the report. You decide if any entries should be deleted. GOLDPoint Systems will not delete entries. These reports are not sent again with the transmittal forms.
Lenders should review this data monthly to ensure accuracy. Watch for duplicate items for the same loan. Monitoring this will allow you to quickly review, sign, and return the original transmittal form prior to each transmission by GOLDPoint Systems. A program is run in February and in June to create the records to be sent. Transmissions are sent in March and July.
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Note:
When GOLDPoint Systems transmits to the IRS for the current calendar year, we only send information pertaining to that year. If you have made corrections for an earlier year, a transmission for each year other than the current calendar year must be sent. This will require a special work order; it does not happen automatically. A tax year is the year the information should have been reported, not the year you entered the information in IRS GOLD. For these special transmissions, a separate transmittal form is created each year. The lender must sign these forms and the original must be forwarded to GOLDPoint Systems prior to our sending the transmission.
Please coordinate these transmissions with your deposit department as both departments’ corrections are sent at the same time. Transmissions are sent in March and July. |
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