Nationwide / Other Services
The Tax Reform Act of 1986 requires the person (including any attorney or title company) who is responsible for closing to report his/her real estate transactions to the I.R.S. The burden of reporting may fall on the buyer's attorney, the seller's attorney, the title company or the mortgage lender. The report must be filed on a Form 1099-S and submitted to the I.R.S. with a copy provided to the seller by January 31 of the year following the transaction.
If you are required to report real estate transactions, you may also be required to file the returns on magnetic media or by electronic transfer depending upon the number of returns you file in a given year.
Penalties may be imposed for the failure to file returns when necessary and for the failure to include the correct information on a return. Additional penalties may be imposed for failing to file on magnetic media or by electronic transfer when required by regulations. However, the regulations for filing returns on magnetic media or by electronic transfer are complicated and are generally revised annually to reflect format and regulatory changes.
With a long history of service to lawyers, title companies and lending institutions, the Charles Jones 1099 Reporting Service fulfills the need for a convenient and inexpensive service from a reliable source.
Commonly asked questions
Where do we file the "Exclusion of Principal Residence Form"?
Answer: The Certification Form must be retained by the closing agent for four years following the settlement. No reporting is required for any seller who is able to respond "YES" to the questions in part II. However, if a "NO" response is made, a 1099-S Reporting Form must be filed.
Does an Estate have to file a 1099?
Answer: YES --Unless the executor, on behalf of the deceased, signs and answers "YES" to all questions in Part II on the Exclusion of Principal Residence form.
Does a Partnership or LLC have to file a 1099?
Answer: YES. Only corporations are exempt from the filing requirement.
Do I have to report the sale of vacant land?
Can I list a brother and sister together?
Answer: NO, a separate form is required for all sellers who are not husband and wife at the time of the closing.
Do we have to report if the seller is a builder?
Answer: YES, unless the builder is a corporation
What is the Allocated Gross Proceeds?
Answer: The Allocated Gross Proceeds refer to a case involving multiple sellers who are not husband and wife. Determine the allocation of the proceeds among the parties. List each percentage in a dollar amount on the allocated gross proceeds line of the Reporting Form. For example if the parties are splitting the proceeds 50/50, the allocation would be one half of the sale price.
This information is meant for information purposes only. For legal advice, consult a qualified legal professional.
Corporate Document Filling and Retrieval
We will assist you in obtaining copies of important documents from county, state or federal courts and archives in New Jersey, Pennsylvania and nationwide.
Need a copy of a document? Order it online. Obtain the essential documentation, such as Certificate of Incorporation or all documents on file when conducting business with another company.
Registered Agent Service
We offer nationwide registered agent services. We also provide careful attention to detail, exceptional customer service while maintaining affordable, competitive prices. The company, along with its affiliated company, National Registered Agents, Inc., acts as a professional Registered Agent for a variety of business entities.
We are fully licensed to maintain a Registered Office and receive legal process in all fifty states, the District of Columbia, and many international jurisdictions. Our company represents literally thousands of companies, large and small, throughout the world. Click HERE for more information.
A flood search is a determination of whether all or a portion of a designated property is located in a special or moderate flood hazard area (i.e., a 100 or 500 year flood zone) based upon the Flood Insurance Rate Maps issued by the FEMA for the sole purpose of complying with the Flood Disaster Protection Act. (Standard flood hazard searches and certifications are not intended as an opinion as to the likelihood of flooding for a particular property).
A Charles Jones flood search certification contains (and has for many years) all of the information required for compliance with federal regulations. Flood Searches are also performed for partial flooding areas to determine if a dwelling or other structure is located in a flood zone. This Dwelling Search can help provide answers when the entire property is not in a flood zone, since insurance is only required for dwellings and insurable improvements.
The company is a member of the National Flood Determination Association (NFDA), has over 30 years of experience performing these searches and currently maintains one of the region's largest inventories of map resources and data files.
Life-of-Loan Flood Monitoring
The National Flood Insurance Reform Act of 1994 requires that lenders must monitor loans to ensure that flood insurance is continued for the life of the loan and that changes in Flood Insurance Rate Maps be reflected in the requirement for insurance and the amount of premiums paid. To comply with this requirement, Charles Jones is pleased to provide an automated life-of-loan tracking service to identify properties affected by periodic changes in flood maps.
Patriot Name Search
The Charles Jones Patriot Name Search is a Certified Search of lists published by the Office of Foreign Assets Control of the U.S. Department of Treasury (“OFAC”), consisting of the "Specially Designated Nationals and Blocked Persons", the “Foreign Sanctions Evaders”, and the comprehensive “Consolidated List”. Signature Information offers this search as an option when ordering a Statewide Judgment Lien Search or through a separate Service Selection on our online order entry and retrieval system.
Effective September 24, 2001, Executive Order 13224 was issued (as amended by Order 13268, and 13608) and requires anyone conducting a financial transaction to determine if the person(s) with whom they are doing business are listed on the Blocked Persons list. The USA PATRIOT Act of 2001 requires similar checks and procedures. Later Executive Orders and sanctions have been imposed that require a check of other names that appear on OFAC’s “The Consolidated List” before transacting business.
The search also provides business general information on what to do if an individual name or entity appears on your results.