What Forms Are Eligible for the CF/SF Program?
The new form 1099-NEC is one of the forms not able to be filed through the CF/SF program. The Combined Federal and State Filing program “forwards original and corrected information returns filed electronically through the FIRE (Filing Information Returns Electronically) System to participating states free of charge for approved filers, eliminating separate reporting to the…
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2021 Drafts for 1099-NEC and 1099-MISC
Over 1,000 drafts for 2021 tax forms are now available through the IRS website. The 1099-NEC and 1099-MISC drafts for tax year 2021 have been released. Both forms are for reporting non-employee compensation, but recent updates have spelled change in the process for reporting. For more information about filing the 1099-NEC, check out this article.…
Changes for Tax Year 2020
Unemployment, the CARES Act, and more – the tax year 2020 has been interesting. The effects of the COVID-19 pandemic will be felt long-term in many arenas. The tax arena is no different. At the federal and state levels, tax year 2020 looks quite different than previous years. Tax Year 2020: COVID Layoffs In March…
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Answers to your ACA compliance questions
2020 is an uncertain year, with continued wrestling over healthcare policies. The election adds an extra layer of uncertainty. ACA compliance is constantly shifting and developing, and each year seems to present a new requirement to understand. If ACA compliance is not met when filing information returns, you may find yourself at the end of…
5 mistakes that could get you ACA penalties
If you are an Applicable Large Employer (ALE), or a company that employs 50 or more full-time or full-time equivalent employees, then you are required to offer 95 percent of the workforce and dependents Minimum Essential Coverage (MEC) that meets Minimum Value (MV). This is known as the ACA Employer Mandate. When the ACA Employer…
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How to deliver 1099 forms to recipients
If you’re a larger business, the tax filing season can be a stressful time of year. You have many forms to deliver and need to make sure everything is completed accurately. For companies that pay additional compensation apart from typical wages or salary payments, a 1099 form is required in order to report income to…
How to avoid penalties on 1099-MISC forms
For every employee and nonemployee that an employer hires and pays compensation outside of the usual wage or salary, a 1099-MISC form must be completed. The 1099-MISC form reports income earned by independent contractors, self-employed, government payments, interest and dividends, debt cancellations, and retirement account withdrawals. The IRS also requires nonprofit organizations, trusts, cooperatives, and…