MISC & NEC Consolidation
Petrofly will automatically consolidate revenue disbursements paid throughout the year and allocate the correct amount towards the MISC for landowners and NEC for working interest partners. If a recipient has both royalty and working agreements with you, the system will produce a MISC and a NEC with the appropiate amounts and details.
Reports & Exports
Petrofly provides many reports to ease the 1099 process such as a payment report detailing and breaking down every royalty paid through the year. Petrofly is capable of producing a ready-to-file document for IRS E-filing.
Copy B Handling
Whether for 1099-MICS or 1099-NEC, Petrofly provides to ability to bulk generate copy B files for all owners and partners that reach the minimum required amount. The produced files are ready to mail and can be automatically emailed directly to recipients.