Get the basics of reporting as an employer from start to finish by following easy step by step guides for various forms including ACA, 1099, and W2.
It is important that you know what information you need before you begin preparing form 1095-B for ACA reporting. We’ve compiled the following 4 key topics in our Form 1095-B Guide that may help you to correctly and timely complete your filing. What’s new for Form 1095-B? Beginning in Tax Year 2023, the electronic filing … Read more
During every tax year, the same question arises, “Is this person an employee or a contractor?” The Employee Vs Contractor classification is a critical part of filing and must be correct when it’s time to file and distribute forms to recipients. Incorrect forms can lead to the business being liable for employment taxes for that … Read more
Affordable Care Act (ACA) reporting can be a challenging process on its own, but with the addition of ACA State Requirements and Individual Mandates, the ACA filing process has only grown in complexity. What is an Individual Mandate? The Individual Mandate is an ACA provision that requires individuals to purchase certain coverage unless they’re eligible … Read more
Once you are ready to begin your tax filing, you must gather the required information to prepare Form 1099-NEC. This includes information for the business, or payer, and recipient, or payee, as well as the amounts paid to the recipient. Form 1099-NEC is used to report nonemployee compensation amounts to the IRS. A nonemployee is … Read more
Once you are ready to begin your tax filing, you must gather the required information to prepare Form 1099-MISC. This includes information for the business, or payer, and recipient, or payee, as well as the amounts paid to the recipient. Form 1099-MISC, Miscellaneous Information, is used to report various types of miscellaneous income, such as … Read more
Before you begin to prepare your ACA reporting, it’s important that you know what information you need in preparing Form 1095-C. We’ve compiled the following 7 key topics in our Form 1095-C Guide that may help you to correctly and timely complete your filing. What’s new for Form 1095-C? Beginning in Tax Year 2023, the … Read more
Once you have determined your common law employees and your total of full-time employees, an important detail in completing your ACA reporting is verifying your employee TINs (Tax Identification Numbers). Importance of Employee TIN Verification Failing to include an employee’s TIN, or providing the wrong TIN, could result in having your filing rejected, requiring corrections, … Read more
Several parties will require copies of your Forms W-2 reporting. The copies should be distributed as follows: Form W-2 Copy Distribution Copy A → SSA Copy 1 → State, city, or local tax department Copy B → Employee Copy 2 → Employee Copy C → Employee Copy D → Employer (for record-keeping) When you e-file your Forms W-2 with an authorized … Read more
Perhaps the most intimidating (and challenging) part of Form 1095-C codes for new filers is determining what they mean and how to use them for Box 14 and 16 of the 1095-C. The use of short 1 digit, 1 letter codes to express coverage, full-time/part-time status, and affordability is cryptic at best, so we’ve compiled … Read more
Employer Shared Responsibility Provisions (ESRP) are an essential part of the Affordable Care Act (ACA). These provisions only apply to certain large employers, known as Applicable Large Employers (ALEs). ESRP requires these employers to offer minimum essential coverage (MEC) that is affordable and that provides minimum value to their employees and their dependents. Failure to … Read more
In order to prepare Form W-2, you will need the tax information for the employer and employees, as well as the amounts paid and withheld for the employees. You will need to include the following information in order to prepare Form W-2 for each employee: Prepare Form W-2: Employer Information Prepare Form W-2: Employee Information … Read more
Both Forms 1095-B and 1095-C are for Affordable Care Act reporting, but you may find yourself asking: which ACA form do I need? There are some key differences in each form, so we have created this guide to help you decide which you need in order to report your data. What is the ACA? In … Read more
Beneficial Ownership Information reporting, or BOI reporting, is a crucial concept in understanding who ultimately owns or controls a company. This introduction to BOI reporting outlines the basics of beneficial ownership, including who is considered a beneficial owner and the requirements for reporting this information, aiming to enhance transparency and accountability in business operations. Updates … Read more
The end of the 2023 tax year means that the 2024 filing season is just around the corner! With our filing guide, you don’t have to spend endless hours laboring over getting your filings prepared and submitted to the IRS. Whether you’re brand new to filing or have been a doing this for a while, … Read more
Many states have adopted Individual Mandates. California ACA filing is now required for certain employers and insurance providers. California ACA Filing Requirements If you are an employer of a California resident, or if you provide Minimum Essential Coverage (MEC) to a California resident, including spouses and/or other dependents, you must report ACA data to the … Read more