Michaela Porterfield
As we step into 2023, it’s crucial for employers and tax professionals to stay informed about the latest changes to IRS Form 940 and Form 941. Understanding these updates is key to ensuring compliance and making the most of potential benefits. Here’s a breakdown of what’s new and what it means for you. Updates to … Read more
The Internal Revenue Service (IRS) has announced the annual schedules for the FIRE and IRIS Production cutover/shutdown for Tax Year 2023 (Filing Season 2024). During these periods, all transmission activities, including corrections and replacements for FIRE and IRIS, will be temporarily halted. FIRE Production Cutover Schedules The temporary closure FIRE production will begin at 3:00 … Read more
Today, the Internal Revenue Service (IRS) published the yearly AIR Production cutover schedule for the Tax Year 2023 (Filing Season 2024). The temporary shutdown will impact all transmissions related to the Affordable Care Act (ACA), including corrections and replacements. AIR Production Cutover Schedule The shutdown for production will begin at at 7:00 am ET on … Read more
As we approach the end of tax year 2023, it’s crucial to start thinking about the upcoming 2024 IRS filing season. To assist you, we’ve assembled some essential tax tips for filing with the IRS in 2024. Helpful Tax Tips At the close of each calendar year, filers should make sure that they meet all … Read more
For the tax year 2023, there have been many notable IRS updates affecting Forms 1099-K, W-9, and the new 1099-DA, along with changes to electronic filing requirements. Key highlights include the postponed $600 threshold for 1099-K, revisions to W-9, the debut of 1099-DA for digital assets, and a lowered threshold for mandatory electronic filing. This … Read more
Most individuals are familiar with Form 1099-MISC, so what is this new Form 1099-NEC? We’re here to outline the differences and give you the information you need to determine which forms to file. What is the Form 1099-NEC? Form 1099-NEC was reintroduced in 2020. It’s based on an older version of the form that hasn’t … Read more
We’ve created Excel import spreadsheet templates to help you easily upload all of your 1095-B and 1095-C, 1099, and W-2 data. These templates are identical to the official IRS forms so that you can enter the information just as you would on paper. General Import Spreadsheet Guidelines For more in-depth or specific validation errors, you can … Read more
IRS Penalties can happen for a variety of reasons, including forgetting to file, not filing by the deadline, not furnishing forms, or not offering coverage for ACA filing. IRS Penalties for ACA Forms Both types of ACA filings (B-series and C-series) require that the filer submit a return to the IRS, any applicable states, and … Read more
In March 2010, Congress passed a comprehensive health care reform law known as the Affordable Care Act. What is the Affordable Care Act (ACA)? The Affordable Care Act is a comprehensive health care reform law that was passed in March 2010. Alternatively, known as ACA, Patient Protection and Affordable Care Act (PPACA), or Obamacare. It’s … Read more
B and P Notices are sent out by the IRS regarding certain errors found in the previous years’ information returns. What are B and P notices? B Notice, or CP2100 and CP2100A , notifies the payer of incorrect name and tax identification number (TIN) combination errors. P Notice, or 972CG, provides a proposed civil penalty … Read more