As an institution, you are responsible for reporting certain information about your customers or vendors to the IRS.
- If you offer mortgage loans, you’ll need to provide your customers with an annual mortgage statement, as well as send a transmission to the IRS reporting the amount of interest paid for each loan.
- If you have deposit accounts that earn interest, you need to report to the IRS the amount of interest earned, as well as send your customers their 1099-INT forms showing how much interest the account earned.
- If you pay a vendor from Accounts Payable who qualifies for 1099-MISC reporting, you will need to report that information to the IRS, as well as send the vendor a 1099-MISC statement.
Those sentences sound scarier than they really are. The truth is, GOLDPoint Systems does most of the heavy lifting for you.
- We compile all the data that has accumulated over the year. For example, we total all deposit interest accrued; all mortgage interest paid; and all 1099-MISC amounts to qualified vendors.
- We create test runs, so you can verify all the information is correct before sending the final information to the IRS.
- We create all the forms and have them available in either IRS GOLD or GOLDView Plus for you to view and print for your customers.
- We send the applicable transmissions in a timely manner to the IRS.
- We even help you with sending corrected IRS forms and information.
What we really need from each of our institutions is to just let us know of your intentions for end-of-year processing. Start by going to our secure site and logging in. Our secure site can be reached from goldpointsystems.com by clicking “Login” in the top-right corner, then entering your security credentials in the pop-up window, as shown below:
Note: If this is the first you’ve ever even heard of our Secure Site, or you don’t think you have security to access that site, see this Knowledge Base article that explains what security settings must be set in order for you to have access to the Secure Site: How do I get access to the Secure Site?
After you have logged into the Secure Site, click the “Year-end Documentation and Forms” link, as shown below:
From the Year-end page, click either the “View Submitted Loan Data” or “View Submitted Deposit Data” links.
Note: If you work with Accounts Payable (1099-MISC forms for vendors), the process is slightly different. See Appendix D in the Accounts Payable manual in DocsOnWeb for more information.
These links will take you to a page that shows all institutions and their contact person who have already submitted year-end data. From that screen, click the “Create a new entry” link, as shown below. (Note: The example below is for loan year-end data. It will be similar for deposit year-end data.)
We need to know what you want to do. Do any of your loan or deposit accounts need to be reported to the IRS this year? For example, 1098 Mortgage Interest must be reported to the IRS every year. But perhaps your institution doesn’t offer mortgage accounts.
To indicate you will not be reporting 1098 mortgage interest for end-of-year processing with the IRS, enter your institution’s information in the provided fields, then simply check the following box on the applicable year-end form:
Careful: Did you have any Cancellations of Debt (such as write-offs or bankruptcies) this year (or anticipate having some in the next few months)? Then you may need to report to the IRS. Form 1099-C is the Cancellation of Debt, and any debt more than $600 that has been written off by your institution should be reported to the IRS. This box on the Secure Site is only for 1098 Mortgage Interest. We will still need your institution’s contact information. See the IRS Form 1099-C topic in DocsOnWeb for more information.
If you are planning on reporting to the IRS on behalf of your customers, then you should be aware of the following deadlines. Adhering to these deadlines will help your year-end run smoother and help you avoid costly IRS penalties.
October 10, 2019: Year-End Loan and Deposit Forms Completed
You must finish entering your year-end loan and deposit forms (if applicable) with GOLDPoint Systems. Even if you are not using GOLDPoint Systems to report IRS information, you must still fill in this information and mark the applicable box that states you will not be filing through GOLDPoint Systems.
Many additional options are available if you are reporting 1098 Mortgage Interest or 1099-INT. See the following manuals on DocsOnWeb concerning additional options that can be applied to year-end statements:
The following links will take you to those forms on our Secure Site. You must have security access to see these forms. Contact your GOLDPoint Systems account manager if you need access to this site.
October 31, 2019: Set Up Parameters
GOLDPoint Systems programmers set up parameters for the actual year-end run according to directions on the returned Year-end Order Form.
November 2019: Test Statements and Report
Test statements and reports are processed. These test statements will be made available in GOLDView Plus (within in CIM GOLD under Report Warehouse). See example below:
Report Warehouse > GOLDView Plus in CIM GOLD
Someone at your institution and a GOLDPoint Systems account manager will review reports and statements. If any program changes need to be made (not just changes to accounts, such as missing or wrong addresses or Social Security numbers), then submit work orders to your account manager to have GOLDPoint Systems programmers adjust the system.
January 8, 2020: Official Statements, Reports, and Forms Generated
GOLDPoint Systems begins year-end processing. Statements and reports are processed and made available in GOLDView Plus. The official data pull from the Loan, Deposit, and A/P systems to create the IRS forms in IRS GOLD.
Important: It is your institution's responsibility to download all forms from GOLDView Plus and CIM GOLD and send them to your customers. You can print as many copies as you need. For example, you may send a copy to customers, as well as download copies for your own records.
January 14, 2020: Last Date to Request Re-run
Clients who need changes and re-runs, due to not identifying errors on their test reports, will be processed after all other clients have had their year-end processing run. GOLDPoint Systems will also charge for programming changes and re-runs if these items could have been found on the test reports. Please review your tests thoroughly in November so GOLDPoint Systems can begin to process your year-end without making changes to your year-end parameters. Each re-run requested after the initial pull on January 8, 2020, will require a work order and will cost $500.00.
All A/P 1099-MISC forms previously placed in IRS GOLD will need to be deleted by your institution prior to re-run. This is required because a subsequent pull will create new A/P 1099-MISC forms in IRS GOLD, without deleting previously created forms. The last date for processing a re-run is January 14, 2020. Any corrections needed after this date must be manually entered in IRS GOLD by the institution.
For information on how you can delete many IRS forms at once, see the Mass Delete help in the IRS GOLD manual.
Also see the Correcting Forms through IRS GOLD topic in the IRS GOLD User's Guide.
January 17, 2020: Final Date for Updating IRS GOLD
This is the final date for updating any 1099-MISC forms manually in IRS GOLD to be included in the January 20th electronic file creation (for Accounts Payable 1099-MISC only. Loans and Deposits transmission isn’t due until end of February). Any updates will need to be completed by 5:00 p.m. Mountain Standard Time.
January 20-22, 2020: A/P Only—IRS Transmittal Cover Sheet Created and Required Back
For Accounts Payable only, the IRS Transmittal Cover Sheet will be available in GOLDView Plus. We need you to print out this cover sheet, then send it back to us by January 22nd.
We will accept this form however you choose to send it to us.
- We will accept a signed physical copy that you send to us via the U.S. Postal Service.
- You can print a copy, sign it, scan it, then send it back via email.
- You can print a copy, sign it, take a picture of it with your phone, then upload the picture to an email and send it to us.
Whatever is easiest for you, we will accept it.
January 22-31, 2020: Print and Send Out Statements and Forms to Customers
You will need to access IRS GOLD and GOLDView Plus to print all IRS forms and statements to be sent to your customers (1099-INT, 1098 Mortgage Interest Statement, 1099-MISC, 1099-C, etc.). IRS guidelines require this information be sent to your customers by January 31.
Early—Mid-February 2020: Loan and Deposit Transmittal Cover Sheet
For Loans and Deposits, the IRS Transmittal Cover Sheet will be available in GOLDView Plus. Print out this cover sheet, sign it, then send it back to us by February 27th. Again, we will take a copy of the signed cover sheet however you can send it to us.
February 28, 2020: Send IRS Loan and Deposit Information
GOLDPoint Systems begins to transmit to the IRS all your loan and deposit account information. GOLDPoint Systems must begin transmitting as soon as possible. We generally transmit for each client shortly after receiving the returned transmittal form. Please do not wait to return this transmittal form.