••• JANUARY  2019  •••
Join us for a tax reporting webinar on Wednesday, January 16 at 4 pm Eastern.

We will cover reporting deadlines, reporting requirements, correcting errors, test printing, electronic filing, how to send your owners substitute 1099's, TIN matching and more. A companion help document is available.

This webinar is specifically for rental property managers. We have created a help document for Promas for Associations users.
Register for the FREE All About Tax Reporting Webinar
View the Companion All About Tax Reporting Help Document
View the Promas for Associations Help Document
Order Tax Forms, Checks, or Other Supplies from Promas Forms
Know Your Deadlines
Click here to see IRS 2018 General Instructions

Due January 31
Copy B to owners, tenants, vendors
Copy A for vendors to IRS (printed or electronic)

Due February 28
Printed Copy A for owners and tenants to IRS

Due April 1
Electronic filing for owners and tenants to IRS
Check to be sure you are on the current version of your
Promas Professional Landlord® Software:

Version 12 Rental:
Release 2018.4 Build 8

Version 6 Association:
Release 2019.1 Build 5

Version 6 Rental:
Release 2019.1 Build 2
Tax Filing - Rental Version 12
The tax module has been updated to correspond with the 2018 tax year filing requirements. See the 1099 Reporting in Version 12 help document for specifics on the changes. Pages 8 and 9 contain a summary of the steps involved.

Tax Filing - Association Version 6
The tax module has been updated to correspond with the 2018 tax year filing requirements. Please refer to the 1099 Reporting in Association document for tax reporting guidance.

Tax Filing - Rental Version 6
Because of the need to fix reporting errors multiple times, we recommend you export to Version 12 and do the tax reporting in the Version 12 database. However, if you decide to use Version 6 for tax reporting, see the 1099 Reporting in Version 6 help document for specifics on the procedure.  Pages 7 and 8 contain a summary of the steps involved.
You Should Know...

Who gets a 1099: All active and inactive owners with taxable income totaling over $600 for the calendar year will get a 1099. Only account codes with an Account Type of Taxable Income are included. Typically that would be rent, late fee, and forfeit security deposit. Distributions to the owner have NO bearing on the 1099 calculations. Tenants whose interest on security deposits is greater than $10 will generate a 1099. Vendors who have received payments totaling more than $600 for the calendar year will generate a 1099.  In order for a taxpayer 1099 to be generated, they must have a taxpayer ID and the Send 1099 checkbox marked in their profile.  Use the AP, Adjust Vendor Payments to make any adjustments to Vendor 1099s.

Annual statements are published at the same as the January statements unless you choose differently. 

Creating annual statements before the end of the month can be done by following this path: 
In Internet Publishing, Owner Settings, unmark the Generate Monthly Statement checkbox and mark the Generate Annual Statements Checkbox.  Save and Publish. When finished, change the settings back as they were.

The recommended end of year statement style is One with a Body Style of Unit Account Summary or Unit Balance Summary and only the Exclude Notes checkbox marked.

Bank Reconciliation Services
PROMAS support offers bank reconciliation services. A correctly done bank statement reconciliation is a prime factor in the ability to pass a state audit with flying colors. It is also the best way to prevent employee theft, fraud, or errors. Call for pricing and additional details.

Data Review Services
Performed by our experienced sup­port staff, we will review your records and analyze your setup. You will receive a full report of our findings and recommendations. Call for pricing and additional details.
Copyright © 2019 The Promas Landlord Software Center, All rights reserved.

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