Whether you’re brand new to using BoomTax or you’re just looking to refresh your memory (doesn’t Tax Year 2016 seem so long ago?), we’ve assembled a quick guide to help you prepare for the upcoming tax season!
Our filing process is designed to be as simple as possible without being boring. In this article, we’ll provide you with a brief overview of how to complete your ACA or 1099 filing with the IRS using BoomTax.
Review Our Step-by-Step Quick Guides
It is important to know what information you need in order to begin preparing for ACA or 1099 reporting. We’ve identified key topics that may help you to correctly and timely complete your ACA or 1099 filing with our Step-by-Step Quick Guides.
Check Your Deadlines
- Recipient copies of Form Series 1099 are due by January 31, 2018.
- Recipient copies of Form 1095-C are due by March 2, 2018.*
- Paper filings are due to the IRS by February 28, 2018. Electronic filings are due to the IRS by April 2, 2018.
- The major exception to this is any Form 1099-MISC with Box 7 reporting, which are due to the IRS by January 31, 2018. This is for both paper and electronic filing.
BoomTax will keep you updated on any changes implemented by the IRS. Keep in mind that some states also require 1099 reporting and may have their own deadlines.
*UPDATE: Since the original publishing of this quick guide, the IRS has announced an extension to the original 1095-C recipient copy distribution deadline of January 31. This extension is automatic and does not require any contact to the IRS. For more information, please refer to our blog post regarding the deadline extension.
Create and Login to Your BoomTax Account and Import Your Data
Setting up your free account with BoomTax is as simple as 1-2-3!
Once you log in, simply select the tax year you’re filing for and follow the prompts to upload your XML or Excel file or enter your company and recipient data.
Distribute Recipient Copies
BoomTax offers two options to help you timely distribute your ACA and 1099 recipient copies:
- Download our printable PDF file available to you once you have uploaded and verified your data. You can download all of your filings into one PDF, or choose to download each filing individually. Our forms are formatted to be printed on standard white printing paper and fit into #10 double-window business envelopes.
- Want to save on time, postage, and office supplies? For a nominal fee, BoomTax can take care of printing, stuffing, applying postage, and mailing your recipient copies for you with our optional add-on Print & Mail service.
Recipient copies of Form Series 1099 are due by January 31, 2018. Recipient copies of Form 1095-C are due by March 2, 2018. Not abiding by this deadline could lead to incurring a penalty of $260 per form.
E-File Your Forms to the IRS
Once you have reviewed and verified your data, simply click the e-file button to submit your filing to the IRS. BoomTax will keep you posted with updates and alerts as your filing is processed.
Submitting your forms to the IRS electronically saves you time and money. Your information returns are processed faster and with fewer errors.
If your company is filing over 250 ACA forms (1095-C), the IRS requires you to e-file.
For 1099s, e-filing with BoomTax also allows you to utilize the Combined Federal and State Filing Program if you’re also required to report to participating state agencies.
Okay, Your Filing Has Been Submitted. Now What?
Hitting that e-file button doesn’t mean you’re done just yet! Here’s what to do once your submissions have been processed by the IRS.
A. Your Filing is ‘Accepted’
Okay, NOW you’re done! Congratulations! There is nothing further for you to do to complete this filing. Should you need to make any changes or corrections later on, simply log in to BoomTax, make your edits, and then e-file your corrections.
B. Your Filing is ‘Accepted with Errors’
Don’t worry, we’re here to help! Simply log in to your BoomTax account, select your filing, and click on any form that has been marked with the word ‘Error.’ The form will load with a description of the error provided, along with guidance on how to correct it. Simply edit the necessary information and click ‘Finish.’ This will change the status of the form to ‘e-File Pending’ and allow you to submit your corrections to the IRS by clicking the e-file button.
The most common issue returned by the IRS are invalid TINs. This may be due to a number of reasons. Unfortunately, the IRS cannot typically clarify them due to privacy issues. In some cases, you may not be able to amend all TIN validation errors. The IRS recommends that you make a TIN solicitation to the affected payees in order to prove a good faith effort to provide the correct information. Even if you could not obtain a returned TIN solicitation from the payee, once you have completed this in accordance with IRS recommendations, your filing is considered “complete.”
Keep ahead of the TIN validation curve by using TINCorrect to verify that the TIN information you have matches IRS records before you file.
C. Your Filing is ‘Rejected’
Don’t panic! This is typically caused by a mismatched or incorrect company name and EIN. Simply log in to BoomTax, select your filing, and click the ‘Edit’ button under ‘Summary.’ This will allow you to edit your company information. Once you have done that, you can resubmit your filing to the IRS by clicking the e-file button.
Conclusion
By using this quick guide, you can make sure that your tax forms are prepared, distributed, and filed on time with BoomTax. Be sure to check out our knowledgebase and other quick guides and downloadable PDF guides to become an expert in year-end filing.
More Information:
- ACA Draft Instructions
- Self Insured Plans
- ACA Compliance Requirements
- Common Law Employees
- Penalties for ACA and 1099 Reporting
- ACA Reporting Deadlines
- Prepare for ACA Reporting
- Secure Access – New IRS Login Portal for e-Services
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.
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