VRPlatform

Easily e-file 1099-MISC with VRPlatform using balances from published owner statements.  

Cost: $12.50 per E-filing + $2.50 for each 1099 delivered by postal mail.

To setup, navigate to the statements menu:

Next next click on the tax statements tab at the top of the screen 

If prompted, update your team address.   

Once your company address and TIN are up-to-date you are ready to adjust settings:

Tax Relevant Accounts - Select accounts with balances that should be included in Box 1 of 1099-MISC. This typically is all rents or other guest fees collected on behalf of the owner BEFORE the deduction of management fees or other expenses deducted from the owner. We recommend you consult a tax.

Listing Starting Balances - Input any balances that should be included in Box 1 for activity that occurred prior to onboarding with VRPlatform. Example: the first month you completed and published statements was February and you're reporting January - December on 1099, you would include January rent and other guest fees in the Listing Starting Balance.

1. Tax Relevant Accounts - Select accounts with balances that should be included in Box 1 of 1099-MISC. This typically is all rents or other guest fees collected on behalf of the owner BEFORE the deduction of management fees or other expenses deducted from the owner. We recommend you consult a tax.
 
 
 
2. Listing Starting Balances - Input any balances that should be included in Box 1 for activity that occurred prior to onboarding with VRPlatform. Example: the first month you completed and published statements was February and you're reporting January - December on 1099, you would include January rent and other guest fees in the Listing Starting Balance.

Review Box 1 Amounts - Will automatically generate upon saving tax relevant accounts and inputting starting balances. Click into any owner and see a summary of the listings and monthly amounts generating the Box 1 total.

In Review Status - Once you have confirmed 1099 Box 1 Rent Amounts, select the owner(s) and change the "Status" to "In Review". A "Preview" of the 1099 will become available.

Ready Status - Once reviewed, you can select the owner(s) again and move to "Ready" status. Note: Ready status, the draft 1099 is available for the Owner to view in their portal.

Filed - When ready to E-file with the IRS, you can filter all owners that are "In Review", select and move the status to "Filed". This will trigger the 1099's to be E-filed.

1. Review Box 1 Amounts - Will automatically generate upon saving tax relevant accounts and inputting starting balances. Click into any owner and see a summary of the listings and monthly amounts generating the Box 1 total.

2. In Review Status - Once you have confirmed 1099 Box 1 Rent Amounts, select the owner(s) and change the "Status" to "In Review". A "Preview" of the 1099 will become available.
 
 
 
3. Ready Status - Once reviewed, you can select the owner(s) again and move to "Ready" status. Note: Ready status, the draft 1099 is available for the Owner to view in their portal.
4. Filed - When ready to E-file with the IRS, you can filter all owners that are "In Review", select and move the status to "Filed". This will trigger the 1099's to be E-filed.

Note: Upon E-filing your payment method on file will be charged $12.50 per e-filing + $2.50 for each copy delivered to recipients via postal mail.

Owners must "opt-in" to e-delivery only in their owner portal to not be sent copies via postal mail per IRS regulations.

Setup your annual tax statements, assign accounts for Box 1 Rents, and opening balances.