Another tax year, another filing season! With BoomTax, 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 BoomTax or have been a long-time customer, we’re always happy to help with your tax filing needs. With this in mind, we’ve put together a quick guide for how to timely prepare, distribute, and file your tax forms using BoomTax.
We’ve designed our process to be as simple as possible to get your ACA, 1099, and W-2 filings timely transmitted to the IRS.
1. Check out Our Step-by-Step Guides
It is important to know what information you need to begin preparing your filings. In our Step-by-Step Guides for each Form, we’ve identified key topics to help you correctly and timely complete your ACA, 1099, or W-2 filing for Tax Year 2020.
2. Check and Double Check Your Deadlines
Make sure to mark down both the recipient copy deadlines and IRS submission deadlines for all forms you need to file. However, missing any of these deadlines could leave you liable for fines and penalties by the IRS.
Recipient copies of Forms 1099 series and W-2 must be distributed by February 1, 2021.
The deadline for recipient copies of Forms 1095-C, 1095-B has been extended from January 31, 2020 to March 2, 2021.
SSA submissions of Form W-2 are due by February 1, 2021, by paper or e-filing.
IRS submissions of Form 1099-NEC are due by February 1, 2021, by paper or e-filing.
IRS submissions for all other Form 1099 series and ACA filings are due March 1, 2021, by paper and March 31, 2021, by e-file.
In addition, you should also be aware of any individual state deadlines for ACA, 1099, and W-2 reporting.
3. Import Your Data to Your BoomTax Account
If you do not already have a BoomTax account, you can create one for free.
Once you have logged in, simply select the type of filing you want to create and follow the prompts to upload or enter your company and recipient data. You can import your data via XML, QuickBooks Online, or using our Excel spreadsheet templates for each form.
4. Distribute Your Recipient Copies
Recipient copies of Forms 1099 Series and W-2 are due by February 1, 2021. Distributing Forms 1095-B and 1095-C to recipients have had their deadline extended to March 2, 2021. BoomTax offers two options to help you timely meet these deadlines.
- Once you have uploaded and verified your data, you can download a PDF file of mailable copies to print and send to your recipients. The forms are formatted to print on standard white printer paper and fit into standard #10 double-window business envelopes.
- Want to save time, postage, and office supplies? BoomTax offers an additional Print & Mail service wherein we print, stuff, stamp, and mail your recipient copies for you!
5. Submit Your E-Filing
After you have reviewed and verified your data, submitting your e-filing is as simple as the click of a button. BoomTax will keep you updated with status e-mails as your filing is processed.
In addition, electronically submitting your forms saves you time and money, and your returns are processed faster and with fewer errors.
Okay, You Submitted Your Filing. Now What?
You’re not done just yet! Here’s what to do once your filings have been processed and returned.
A. Your Filing is ‘Accepted’
Congratulations! NOW you’re done. There is nothing further you need to do to complete your filing.
B. Your Filing is ‘Accepted with Errors’
Don’t worry, we’re here to help you! BoomTax will provide you with simple descriptions of any errors returned and guidance on how to correct them. You can easily edit the information directly within BoomTax and resubmit the corrections at no additional cost.
In fact, the most common errors returned are invalid TINs. You can get ahead of these errors by using products like TINCorrect to verify the TIN information you have against IRS records before submitting your filing.
C. Your Filing is ‘Rejected’
Don’t panic! This is typically caused by a mismatched Company Name and EIN. You can edit your company’s information directly within BoomTax and resubmit your filing by clicking the e-file button.
Complete Your Filing
Additionally, all BoomTax licenses include PDF downloadable copies and unlimited free corrections.
Lastly, if you have any questions or doubts about your specific tax reporting circumstances, we recommend consulting with a licensed tax professional. BoomTax does not provide tax or legal advice. Any information contained within this article is strictly for informative purposes only.
If you have any questions, concerns, or comments about our product, feel free to contact us. A customer support representative will reach out to you promptly.