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 Quick Guides
It is important to know what information you need to begin preparing your filings. In our Quick Guides (linked below) 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 2021.
- Form 1095-C Step-by-Step Guide
- Form 1095-B Step-by-Step Guide
- Form 1099-NEC Step-by-Step Guide
- Form 1099-MISC Step-by-Step Guide
- Form 1099-DIV Step-by-Step Guide
- Form 1099-INT Step-by-Step Guide
- Form W-2 Step-by-Step Guide
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.
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. We now offer a wide variety of import options:
- XML (IRS AIR format)
- UKG (formerly Ultimate Software) UltiPro
- ADP Excel format
- Insperity Excel format
- Sage Excel format
- Greenfield TempServ Excel (or .csv) format
- QuickBooks Online
- Our Excel spreadsheet templates
4. Distribute Your Recipient Copies
Recipient copies of ACA forms, 1099 Series forms, and W-2 forms are due by January 31, 2022. There has been no deadline extension announced for furnishing ACA forms as there has been in years past. The IRS released a proposed notice in November that would permanently extend the ACA furnishing deadline by 30 days. This would extend the deadline from January 31 to March 2.
BoomTax offers multiple options to help you timely meet this deadline:
- 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!
- Electronic Form Delivery! This optional service is new for TY2021. It was built from the ground up to meet all of the IRS requirements for electronic form delivery.
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.
Quick Guide 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 other quick guides and downloadable PDF guides to become an expert in year-end filing.
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.