Get Ready Now to e-file in January!
The filing rules are changing for all private lenders.
In January 2024 the IRS will require e-filing for more than 10 tax forms, down from 250 last year. If you had over 10 tax forms in 2023, this affects you!
What are considered tax forms?
- 1099 INT to each lender1099 MISC
- 1099 MISC
- 1099 NEC
- 1099 DIV (for pools)
- 1098 mortgage interest statement (one per loan)
How to prepare for the new rules
- Leverage IRS Resources: Navigate the change with confidence by using the IRS’s own tools and comprehensive FAQs.
- Embrace Automation: Transition from manually filing to automating your e-filing to handle potentially 25 times the workload.
- Call The Mortgage Office: We automate and simplify e-filing for more private money lenders than any other company. We can walk you through the steps to make sure the process is painless and importantly, error-free.
In Conclusion
Get ahead of the IRS’s 2024 e-filing mandate now to ensure a smooth transition and avoid future tax season headaches. By updating your processes today, you’re not just complying with the new rules—you’re upgrading the efficiency and resilience of your business for tomorrow.
Ready to power your business with The Mortgage Office?
Let us show you how efficient and accurate your loan management platform can be.