NewswireToday - /newswire/ -
Angel Fire, New Mexico, United States, 2011/01/23 - WorldSharp Technologies, Inc. announces the 2010 version of WorldSharp 1099 Preparation System with Electronic Reporting now includes Forms 3921 and 3922. These are new forms that are used for exercise and transfer of stock options by employees.
WorldSharp Technologies, Inc. today announced the inclusion of Forms 3921 and 3922 in the 2010 version of WorldSharp 1099 Preparation System. Form 3921 is a form that is used to report exercise of an incentive stock option under Section 422(b). Form 3922 is used to report transfer of stock acquired through an employee stock purchase plan under section 423©. The applicable form must be provided to the employee on or before January 31 of the year following the calendar year in which the transfer of stock subject to Section 6039 occurs.
An employee information statement must be delivered in person or mailed to the employee’s last known address (and may be delivered electronically if the employee consents to such electronic delivery). Generally, failure to furnish such information statements to employees in a timely manner (where such failure is not due to the corporation’s intentional disregard of the requirements) will result in a $50 penalty per failure, up to a maximum of $100,000 per calendar year. Intentional disregard of these requirements may result in higher penalties.
The 1099 software program is ready to ship with the new form changes and the IRS electronic reporting and correction specifications for 2010. The system now has even easier importing capabilities. When ordered, the software can be downloaded or shipped on CD. The system is priced very competitively at $89.95 for a single user version. A 10-license version is $249.95. There is no extra charge for the inclusion of forms 3921 and 3922.
The data can be imported from files of other computer applications or spreadsheets. The WorldSharp customer support staff is available to help customers import their data and electronically file their returns. For very reasonable prices, WorldSharp will even print, mail and e-file for their customers.
Printing can be on pre-printed forms or blank paper. The system can print the form and the data, so there is no need to purchase forms. The standard version prints and electronically reports 1098, 1098-C, 1098-E, 1098-T, 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-DIV, 1099-G, 1099-H, 1099-INT, 1099-LTC, 1099-MISC, 1099-OID, 1099-PATR, 1099-R, 1099-S, 1099-SA, 3921, 3922, 5498, 5498-ESA, 5498-SA, 8935 and W-2G. A special version is available which also prints and reports Forms 1042-S.
Bobby Anderson, president of WorldSharp Technologies said that in the past, the system was primarily used by banks and financial institutions, which is WorldSharp’s main marketing focus. However, in order to provide the quality software package to companies in other industries, WorldSharp lowered the price from $500 to $89.95. Unlike other systems, the WorldSharp 1099 Preparation System allows users to process any kind of 1099 form and has no restrictions on the number of forms processed or the number of companies processed.