Many e-filing services provide TIN checking as an additional service to e-filing and paper filing. But what is the service? And is it necessary? Many of our customers ask these questions when they use eFile360 to file their 1099s and related forms for the first time. Most customers want to be informed before they complete their order while others are suspicious of add-ons in general. So we wanted to clear the air: TIN checking isn’t necessary to file your 1099s, but this service can save you a lot of headaches. What is a TIN? A TIN is a Taxpayer Identification Number. It is also called a “95-number” or “tax-ID” number. A TIN is an umbrella term that means the following: Social Security Number (SSN) Employer Identification Number (EIN) Individual Taxpayer Identification Number (ITIN) Adoption Taxpayer Identification Number (ATIN) Preparer Tax Identification Number (PTIN) Business owners typically use their EIN to file business taxes and their SSN to file their personal taxes, but this may differ based on your unique situation. When it comes to filing 1099s, 1098s, ACA forms, and W-2s, business owners need to know the TIN for each employee, freelancer, and independent contractor that works for them. Tip: While you may only need to file a form if you pay that employee or contractor $600 within a calendar year, it’s always best to document their TIN before they start working for you. This way, you know that you have their TIN on file way before tax season. What is the TIN Error Reconciliation Process? When it comes to tax reporting, it’s vital that all of the information you file is accurate – including the TINs of your employees and contractors. This is where the TIN error reconciliation process comes into play. This process is three-fold: Check your records Use a TIN checking service, which efile360 offers File Form 1095-C when you find TIN errors The first portion of this process involves you double-checking …
Saving on administrative and IT costs with e-filing
Even the best organizational filing system in the world can’t account for natural human mistakes. During tax season, small errors can cause the filing process to become much more complicated and expensive if important personal information doesn’t match up and delays in filing incur penalties from the IRS. An e-filing service can be just one small, but crucial, step in streamlining the complex tax season process. With e-filing, you’ll be able to bulk upload dozens of forms in a matter of minutes, saving time during year-end information return processing. Along with secure data storage, TIN checking, and other e-filing services, a cost-effective e-filing partner can be your best bet in ensuring a stress-free tax season. No need for new, pricey software You won’t need to train administrative employees on complicated new software or put your busy IT department to the task of onboarding a new software, saving you additional time. You’ll become far more efficient in your yearly filings and help to avoid any potential tax withholdings, B-Notices, or IRS penalties. Worry less about form delivery eFile360 offers several delivery options: e-filing and print & mail, e-file only, and print & mail only. Check out our supported forms here. We provide secure online access or can mail print forms, or both. Depending on the chosen service and the way the recipient decides to access their form, we automatically mail a form if the recipient does not access their forms online. Prevent against costly, time-consuming tax errors An e-filing service like eFile360 can also assist with any discrepancies on tax forms by using TIN Checking. In addition, a TIN checking Add-On Service can help you to match tax IDs to the correct name combinations. All you’ll need to do is choose the TIN Checking option when you submit forms with us. We check for discrepancies and let you know if there are any. Otherwise, if all the information matches, we go ahead and e-file your forms. …
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E-Filing for entrepreneurs
If you’re an entrepreneur, you might find yourself playing a guessing game when it’s time to file year-end taxes. How will you file? Which forms do you need? Where are you sending your tax information? Which regulations have changed, and what’s new this year? Do you have all your information, like TIN numbers, ready to go? When you’re looking for convenient tax services, you want to be sure that you choose the ideal e-filing service to submit your information tax return forms on time and accurately. It’s important to choose a provider highly versed in 1099 and related tax forms, IRS deadlines, regulations, and all the important information you need to know during tax season. An e-filing service also keeps your information securely within your account, so you won’t need to input it every year. Cost-effectiveness As a sole proprietor, you’re in charge of all the elements of your business. You decide your work hours, you pay for your own office and supplies, keep track of your deductions, and of course, you also file your taxes. You likely want to cut costs as well. Human error happens. Unfortunately, IRS regulations can mean simple human error has costly and time-consuming consequences. All important details must match up before forms are filed, like the Taxpayer Identification Number (TIN). However, TIN checking can help to ensure that recipient statements are mailed out accurately. You also likely have multiple vendors who need to be issued information return forms. With our Excel upload process, you’ll simply upload multiple forms rather than fill them out manually, which minimizes the risk of making small mistakes and helps to prevent delays. Convenient delivery An e-filing service will mail and e-file forms where necessary, another cost and time-saving benefit. All you’ll need to do is check a couple of boxes while filling out your forms. Check out our supported forms here. You can file most 1099 forms up to January 31st at 5 PM with eFile360. …
Hire a lot of contractors? 5 reasons to use an e-file provider like eFile360
If you hire a lot of contracted employees or seasonal workers for your business, the simplest way for you to file Information Return forms is to use an e-file provider like eFile360. Between 1099s, 1098s, W-2s, and ACA forms, your business has a lot of Information Return forms to file with the IRS. Then you need to send copies to your contractors, vendors, former employees, employees, and more. It can be dizzying to create and send all these forms, but it doesn’t have to be. Choosing to e-file with an e-file provider like eFile360 versus using a membership-based software or manually filling out page after page is the simpler, safer, time-saving option. Here are 5 reasons to use an e-file provider like eFile360: Save time with bulk upload & TIN Checking Save money on large orders No need to purchase software or a monthly membership Data backup Reduce paper waste Save time with bulk upload & TIN Checking The option to use our bulk upload service to create hundreds or thousands of forms at once isn’t available if you choose to manually fill out Information Return forms. This service allows you to ensure your data entry is accurate while also being much faster than manual data entry. TIN Checking is also not available if you choose to manually fill out your forms or with some e-file software options. Only online e-file providers like eFile360 offer TIN Checking to save you from costly mistakes. Save money on large orders Most accountants that help you file your Information Returns do not offer discount pricing of any kind. E-file providers like eFile360 do offer volume pricing. This means each form you e-file could cost as little as $1.25 for E-File + Print & Mail or $0.75 for E-File Only when more than 1,000 forms are ordered. For the same order, each TIN Check costs $0.25. No need to purchase software or a monthly membership This is the main benefit of working with an e-file provider like eFile360. Many e-file …