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.
The IRS requires that employers report wage and salary information for employees using Form W-2. This form is also used to report other information, such as taxes withheld, employer fringe benefits, health savings account contributions, etc. This information is submitted to the IRS and provided to each employee. Who receives a Form W-2? Employers must … 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
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
Before you prepare Form 1099-DIV, you will need tax information for the payer and payee, as well as the amounts paid to the payee. What information is needed to prepare form 1099-DIV? Payer Information You will need to include the following information on each form you prepare. Payee Information You will need to include the … Read more
Preparing Forms W-2 can be difficult, but we are here to help simplify things! We have compiled this list to help ensure that you don’t make these common errors for Form W-2. A Brief History To reduce errors for Form W-2, it is important to know what this form is and how it is used. … 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
Preparing Forms 1099-INT and 1099-DIV can be difficult, but we are here to simplify things! We have compiled this list to help ensure that you don’t make these common errors for Form 1099-INT and 1099-DIV. Background Information To reduce errors for Form 1099, it’s important to know what these forms types are and how they … Read more
Preparing Forms 1099-NEC can be difficult, but we are here to help simplify things! We have compiled this list to help ensure that you don’t make these common errors for Form 1099-NEC. A Brief History To reduce errors for Form 1099-NEC, it is important to know what this form is and how it is used. … Read more
Preparing Forms 1099-MISC can be difficult, but we are here to help simplify things! We have compiled this list to help ensure that you don’t make these common errors for Form 1099-MISC. So, you have already: If so, it sounds like you are ready to complete and file your 1099-MISC forms. However, before you press … Read more
What is Form 1099-DIV? This form is used by banks and other financial institutions to report dividend income and other distributions such as from stock or capital gains. What information is reported on Form 1099-DIV? The left side of the form has boxes for the names, addresses, and TINs for both the Payer and the … Read more
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 threshold of $10, payers must issue a 1099-INT form to all parties from the previous tax year that exceed the … Read more
What is Form 1099-NEC? Form 1099-NEC is used to report nonemployee compensation amounts to the IRS. A nonemployee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. Alternatively, if you need to report income amounts made by employees, then you should use … Read more
Form 1099-MISC, Miscellaneous Information, is used to report various types of miscellaneous income, such as rents, prizes and awards, and other income payments. Prior to tax year 2020, Form 1099-MISC was used to report nonemployee compensation amounts in box 7. The most recent versions of this form do not have a box for nonemployee compensation … Read more
If you need to file Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, or W-2G with the IRS, you may have the option to file them electronically using the FIRE (Filing Information Returns Electronically) System. The IRS requires e-filing if you need to file 10 or more information returns. They also encourage filers to e-file even … Read more