1099 Pro, Inc. Delivers Nil Reports for FATCA 8966 Reporting

1099 Pro, Inc. updates its ground-breaking FATCA 8966 software to provide Nil Reports for Direct Reporting Non-Financial Foreign Entities.


LOS ANGELES, Calif., March 25, 2015 (GLOBE NEWSWIRE) -- via PRWEB - 1099 Pro, Inc., https://www.1099pro.com, the leading provider of FATCA 8966 software, now provides FATCA Nil Reports as part of the 8966 Professional software package. 1099 Pro's FATCA 8966 software is capable of importing 8966 data from Excel spreadsheets, running a variety of data reports, creating an IRS formatted XML file, creating Nil Reports, and encrypting/decrypting submission packages for the IRS/IDES with 1099 Pro's trademarked IDES Packager utility.

"FATCA Nil Reports have been a largely overlooked and a much sought after feature by many entities with a FATCA reporting requirement" says Michael Stewart, Director of Marketing at 1099 Pro, Inc. Nil Reports, at a high level, are reports that are generated and submitted without any information pertaining to the account reports or pooled reports, in the XML file. Nil Reports are designed to indicate that an entity is aware of, and has complied with, the reporting deadline but simply does not have any required data report. Direct Reporting Non-Financial Foreign Entities (NFFEs) are required to submit Nil Reports and, in many cases, local jurisdictions from IGA Model I countries require Nil Reports as proof of compliance.

1099 Pro entered the FATCA 8966 reporting market as one of the first-movers in the industry and has gained specialized knowledge of the reporting process through extensive testing performed in conjunction with the IRS. 1099 Pro has leveraged this knowledge to become a leader in 8966 reporting while many entities remain hazy on the specifics of FATCA 8966 reporting and Nil reports. Companies must sample different FATCA 8966 reporting solutions in order to find out which product best suits their needs. Fortunately, 1099 Pro provides a free demo version of FATCA 8966 Professional which allows users to acquaint themselves with the overall feel and user-interface. If purchased, the user can continue to use the software immediately without any data loss or interruption.

1099 Pro has also developed video tutorials to help walk users through every step of the software, from importing 8966 data, to creating an XML file, and finally to securely encrypting and packaging the file for submission to the IRS/IDES.

"Our video tutorial has proved extremely helpful for international customers that operate in separate time zones and may not speak English as a first language. In accordance with this finding, 1099 Pro is developing two additional video tutorials, in Cantonese and Spanish, in order to better accommodate Model II IGA countries that use the FATCA 8966 Professional software" says Michael Stewart.

ABOUT 1099 Pro, Inc.

1099 Pro, Inc. has been in business for over 20 years and files 10% of the information returns filed in the United States each year. 1099 Pro software is available for 1099, W-2, 1042-S, & FATCA 8966 tax forms and can process printing, eFiling, & corrections.

This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/FATCA8966Software/NilReports/prweb12597975.htm


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