How and when to report your ACA, 1099, and W2 forms. State specific requirements, excel templates, how to gather recipient information, and step by step guides to meet your employer requirements.
Beneficial Ownership Information, or BOI, reporting is a fairly new reporting requirement for certain companies. BOI refers to identifying the individuals who directly or indirectly own or control a company. BOI Reporting refers to reporting this information to FinCEN. As of December 26, 2024, BOI Reporting is not currently required and companies may continue to … Read more
The IRS authorizes businesses to furnish electronic copies of certain tax forms, instead of a paper copy. There are many benefits to E-Delivery: However, electronic form delivery isn’t as simple as just sending forms via email; there are extensive rules and requirements for it. E-Delivery Requirements The requirements for electronic delivery of recipient forms can … Read more
Many states have adopted Individual Mandates. Vermont is one of these states. While there are currently no additional requirements for employers, there will be if federal ACA reporting requirements are eliminated. What are the deadlines for Vermont ACA filings? There are currently no additional Vermont ACA reporting requirements. Conclusion Employers must keep ACA state requirements … Read more
DC ACA Filing The District of Columbia requires all District residents to have Minimum Essential Coverage for themselves and dependents or pay a tax penalty. The DC law also requires employers to submit an information return regarding Minimum Essential Coverage to the DC Office of Tax and Revenue. Continue reading to learn more about updates to … Read more
Many states have adopted Individual Mandates. Massachusetts ACA filing is now required for certain employers and insurance providers. Massachusetts Individual Mandate For tax year 2024, along with federal requirements, Massachusetts has state regulations that require MA residents to have health coverage that meet certain standards. At the federal level, the coverage is known as Minimum … Read more
Many states have adopted Individual Mandates. New Jersey ACA filing is required for certain employers and insurance providers. Clarifications to New Jersey ACA Requirements The NJ Market Preservation Act requires reporting to verify coverage provided by payers of NJ’s Income Tax. NJ requires employers, insurers, and other coverage providers to: Where New Jersey ACA Requirements … Read more
Rhode Island ACA filing is now required for ACA forms for Tax Year 2024. We know that new requirements can be tricky, so we’ve created this guide to simplify things! Rhode Island ACA Filing Requirements If you are an employer of a Rhode Island resident, or if you provide Minimum Essential Coverage to a Rhode … 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
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
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
Every BoomTax filing license comes with free unlimited corrections submissions. We hope you never have to use them, but you should know what they are, when to submit them, why they are necessary, and how to minimize them. What Are Corrections? After you’ve submitted your information returns to the IRS, they may come back as … 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-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
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-INT. Form 1099-INT is used to report interest income paid to a person through savings accounts, US Savings bonds, and interest-bearing checking accounts, or in the course of trade or business. With a relativity low interest income … Read more