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Tax Forms, E-filing & Reporting Overview

This article discusses the different options available to file taxes within The Mortgage Office®.

Important IRS Notice:

Section 6011(e)(2)(A) of the Internal Revenue Code and the regulations thereunder require any person, including a corporation, partnership, employer, estate, or trust, who files 10 or more information returns, such as Forms 1042-S, 1098, 1099-INT, 1099-DIV, 3921, 3922, 5498, 5498-ESA, W-2, etc., for 2023, to file these returns electronically. This requirement applies separately for each type of form required to be filed. All requirements apply separately to both original and corrected forms. For purposes of Forms 1042-S, a financial institution must file all returns electronically regardless of the number of forms being filed.

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Background:

The tax reporting module provides a complete state-of-the-art solution to the tasks associated with the annual printing and electronic filing of Internal Revenue Service forms. Within The Mortgage Office®, you are able to: 

  • Automatically import all necessary information from your loan servicing files
  • Ensure full compliance with IRS forms and regulations
  • File electronically via the Internet using ABS web services
  • Print tax forms at any time
  • Print voided and corrected forms
  • Print only Copy A (formatted to fit in a window envelope)
  • Export to disk using industry standard format
  • Make after-transmission changes and updates
  • Manually enter tax forms during the year
  • Access all prior tax year's information  

Important Steps: 

  • Go to Loan Servicing and select the relevant tax forms.
  • Create a Batch.
  • Pick who you'd like to e-file.
  • Click Import.
  • Once data is imported, TMO will go through is and you can see what needs fixing.  Be sure all post codes, mailing addresses, and TIN Numbers are correct to avoid any errors at exporting.
  • Once data looks great, you can click Export.
  • Print and Mail:  With a yes click, TMO will print, stuff, and mail the Tax Forms to your Borrowers and/or Lenders for you.  That's it!  No need to purchase forms, labor, postage, or envelopes.  All done with two clicks.  Once the forms are printed and mailed, you can click a button to download and attach them to each file.  If you are using WPC, your customers can download their tax forms from their online portals.  No need to upload anything.  Forms are on the portals automatically.
  • Be proactive:  To ensure your clients receive their forms by January 31st, 2025, you should transmit your data to us at least a week before.
  • If any errors occur, meaning data entry errors: you had the wrong address, you had the wrong social security number, etc., you can complete a corrected Return or Amended and mail it to the IRS.
  • Add-On:  If needed, we can include, and mail privacy notices along with your Tax Forms.

  • Filing Deadlines:

    • Your transmission must be received by ABS no later than Monday, January 15, 2025 in order to guarantee delivery to recipients by January 31, 2025.
    • We cannot guarantee delivery to recipients by January 31st if we receive transmissions after January 15th. 

  • E-Filing Fees:

    • 1099-INTs ($195 Setup Fee)*
    • 1098s ($195 Setup Fee)*
    • 1099-MISCs ($195 Setup Fee)*
*Plus $1.99 charge per record transmitted.  These fees apply for on-time filling.  Late filing will incur higher fees.
  • Printing & Mailing your Tax Forms
    • $2.49 per form

CAUTION: WE RECOMMEND THAT YOU CONSULT WITH YOUR ACCOUNTANT, ATTORNEY OR FINANCIAL CONSULTANT BEFORE MAKING ANY DETERMINATION AS TO YOUR LEGAL REQUIREMENTS TO FILE 1098, 1099-INT AND/OR 1099-MISC INFORMATION RETURNS. SHOULD YOU HAVE ANY QUESTIONS REGARDING THIS SUBJECT MATTER, PLEASE READ THE IRS PUBLICATION 1220, WHICH IS AVAILABLE ONLINE OR FROM ANY OFFICE OF THE INTERNAL REVENUE SERVICE.

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