Navigation:  Loan Screens > Payee Information Screen > Detail tab > Payee Information fields > Report to IRS

Entry: User, checkbox

F/M: Yes

Mnemonic: CARIRS

Screen: Loans > Payee Information > Detail tab

 

Use this field to indicate whether the disbursement amount to the payee being created/edited should be reported to the IRS on form 1099-MISC at year-end.

 

This data feeds to IRS GOLD. If the payee record is for a broker, the Broker Number (on the Loans > Account Information > Additional Loan Fields screen) must match the Payee number.

 

If this field is marked, both the Broker Number and the amount in the Broker Fee field for the current year are fed to IRS GOLD for reporting on 1099-MISC. At year-end, the system totals fee amounts for each Broker Number. One 1099-MISC is created combining the fees of each loan for the same broker. The 1099-MISC must be printed at your institution. The information is then transmitted to the IRS.