Penalties for Tax Year 2018 ACA, 1099 and W-2 Reporting

Take active measures to avoid paying penalties for Tax Year 2018 by planning ahead, keeping track of your deadlines, and double-checking your information. If you fail to timely file your information returns or file them incorrectly, you could be liable for additional fines or fees.

Continue reading Penalties for Tax Year 2018 ACA, 1099 and W-2 Reporting

Prepare, Distribute, File: The BoomTax Quick Guide for TY2018

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. 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.

Whether you’re brand new to BoomTax or have been a long-time customer, we’re always happy and eager to help you with your tax filing needs. We’ve put together a brief overview of how to timely prepare, distribute, and file your tax forms using BoomTax. Continue reading Prepare, Distribute, File: The BoomTax Quick Guide for TY2018

Preparing Form 1095-B: A Step-by-Step Guide for TY2018

It is important that you know what information you need before you begin preparing for ACA reporting. We’ve identified the following 4 key topics that may help you to correctly and timely complete your Form 1095-B with our Step-by-Step Guide.

1. Identify Responsible and Covered Individuals

First, you’ll need to identify the responsible and covered individuals included in the health plan coverage. The IRS defines the responsible individual as “the person who, based on a relationship to the covered individuals, the primary name on the coverage, or some other circumstances, should receive the statement.”

2. Verify Individual TIN Information

It is crucial to verify the taxpayer identification numbers (TIN) of the responsible and covered individuals in order to avoid having to file corrections, re-issue forms to recipients, and potential penalties from the IRS.

Tools such as TINCorrect can help you verify TIN information for your businesses and employees before you file.

3. Determine Origin of Health Coverage

Health coverage can be offered by employers, government-sponsored programs, or other coverage options.

4. Obtain Issuer TIN and Contact Information

Be sure to verify your TIN information as well as a good phone number that recipients can call if they have questions about their 1095-B forms.