Tax Slip Preparation FAQ

On-line tutorials for 1099 and T4A preparation are now available on our website www.lwolf.com in the Client Login page, under brokerWOLF -> Payroll.

 

We have listed some Frequently Asked Questions and answers for Canadian and American tax slip preparation below:

 

Q. Why doesn't my tax slip match what was paid?

A. Please go into 9.5.3/9.5.4 and click the Calculate All button and select Both.  This will ensure that you have calculated with the most up to date profile and financial information.  

 

Q. Tax Slips are reporting on the Agent’s Gross amount, tax deductible fees are not being deducted from the Agent’s Gross, can this be changed?

A. First you must verify that you have the Options in 9.5.4 set up to deduct fees from the gross.  Then you must go into E.1.3 and ensure the Deduct from T4A (CAN), or Deduct from 1099 (USA) field is set to YES on the tax deductible fees.  Then go back into 9.5.4 and click on Calculate All and click on Recalc to re-calculate the amounts.

 

Q. When I go into either 9.5.3 or 9.5.4, there are blank lines at the top of the list, how to correct?  

A. Need to click on Calculate All – then select Both.  This usually happens when the list has not been calculated yet for the current year.

 

Q. I clicked Print and it says no data to print.

A. Need to make sure you have selected the agents by clicking on the checkbox in the Incl. column, or click on the checkbox at the bottom of the list to Include All.  You can enter a minimum amount so you don’t print forms for the agent’s with zero balances.

 

Q. If my agent incorporates or unincorporates throughout the year, will the system generate separate tax slips?

A. The Incorporated and Unincorporated Date fields in the Agent's Profile (I.1.1.Info1) will be utilized to generate tax slips for the agent's  personal and/or corporate tax ID based on those dates. If there is a Legal Name filled out, the Corporate tax slip will be issued to the Legal Name.  Ensure the Include Incorporated Agents checkbox is selected in 9.5.4 to display corporate 1099's.    

 

Q. What reports can I give to backup the agent’s figures?  

A. The Breakdown Report (9.5.7) will show the figures the tax slips have been based upon.  Agent Payroll History will show all payroll history including non-tax deductible fees (8.7.1).  

Questions for U.S. Users

Q. What 1099 forms should I order, and where can I get them?

A. The 1099-MISC form is required.  These forms can be purchased office supply stores such as Office Depot or Staples.  They are sold in 4 or 5 parts depending on whether you want to keep a printed copy for yourself.  There are options to print the Agent and Office copies onto plain paper.  The IRS copy still needs to be on an official IRS form.  

 

Q. The agent’s Federal Identification Number isn’t showing up on 1099’s.  

A. The SSN field or Tax Registration # field must be filled in (I.1.1) for each agent.  Then you must go in and click on Calculate All and select Retrieve.  This will retrieve the personal information without affecting the figures.

 

Q. The Company Federal Identification Number is not showing on the 1099’s.

A. The Tax # field must be filled in on the Company Profile (E.1.1.MISC1).

 

Q. Can I print 1099’s for my Outside Brokers and Vendors?

A. Yes, click on the “radio buttons” at the top of the 9.5.4 screen to switch between Agents/Vendors/Outside Brokers/Rentals.  If you need to show rent paid to a vendor, ensure that the vendor's profile (5.8.1), is setup so that the Tax Slip field says Yes - Box 1.

 

Q. Can I print 1099's for transactions where rent was processed for a tenant to pay a landlord?

A. Yes, in the 9.5.4 Options button you can designate your Rentals transaction classification.  Then the system will generate a 1099 for the Buyers entered on the People screen of those transactions.

 

Q. I had the 1099 or tax slip field set to NO on some of my transactions and/or vendors, do I need to edit each one to generate a 1099?

A. In 9.5.4 you can review a list of vendors and/or outside brokers with the 1099 field set to NO and edit if necessary.  Click on the Reset 1099 flags button, then you can double-click on selected entries to change the 1099 status to YES, or click on the Flag All button to change them all to YES.

 

Q. The first form prints perfect, but the second form prints too high or too low, how do I  fix this?

A. If this is the first time you are printing forms this year, go into Adjust Form Positions (9.5.5), and click on the Reset to Default button to reset all positions back to the default settings.  Click the Print button to generate a test print, if the second form is still not aligned, you can adjust the Offset field to move the second form higher or lower..  

 

Q. Some boxes are not printing in the correct positions, how do I adjust them?

A. Not all printers pull the same or use the same fonts, so sometimes adjustments are necessary.  If this is the first time you are printing forms this year, go into Adjust Form Positions (9.5.5), and click on the Reset to Default button to reset all positions back to the default settings.  Click the Print button to generate a test print and if the boxes are still not aligned you can adjust the appropriate fields  as necessary in this menu option (9.5.5).  

 

Q. Will the system print directly onto the 1096 Summary form?

A. It will not print out directly onto the 1096 Summary form.  brokerWOLF will print a report with the summary information, and the 1096 form must be filled in manually.

 

Q. Do I have to e-file my 1099’s?

A. Offices with more than 250 agents are required to E-file, however there is no minimum number required for E-filing.  Printed 1099’s are due to be distributed by the end of January.  The due date for filing 1099’s by E-File to the IRS is usually March 31.  Instructions for e-filing are located in the 9.5.4 option under U.S. payroll.

 

Q.  System always prints a set number of copies, I only need to print one copy, how do I change it?  

A. The system prompts you before it prints each copy, if you do not wish to print a certain copy, click NO.

 

For more instructions please refer to Prepare 1099's (9.5.4) or Prepare W2's (9.5.3)

Questions for Canadian Users

Q. Do I need to order forms?

A. Canadian tax slip forms will be generated on plain paper.  You are no longer required to generate forms from CRA.  

 

Q. Can I electronically submit my T4As?

A. Yes you can.  Please see the Submitting T4As via Electronic Filing article.

 

Q. Why doesn't the employers business number not show on the T4s or T4As?

A. The GST # field must be filled in on the Company Profile (E.1.1.MISC1).  The business number does not print on all copies. The instructions for T4A forms specify that you should not print your Business Number on the recipient copies.

 

For instructions please refer to Prepare T4A's (9.5.4) or Prepare T4's (9.5.3)