Tag: ACA reporting

Tax Year 2020 Deadlines: Getting Started

Deadlines vary depending on form and type, so we have compiled a list to make the Tax Year 2020 Deadlines as simple as possible. Keep these dates in mind as you prepare your forms for filing!

Please note: *ACA recipient copy deadline was extended from 01/31/21 to 03/02/21 by IRS Notice 2020-76. **Those with 250+ forms must e-file with the IRS. Individual state filing deadlines for certain information returns may vary.
Please verify with your state for the proper method for submissions. BoomTax supports Combined Federal/State Filing for participating states.

As a best practice, we recommend getting started on your filings as early as possible. If you plan on using our Print & Mail services, we recommend having it ordered at least 1 week before the deadline.

We have created a series of step-by-step guides that help you prepare for the Tax Year 2020 deadlines.

Questions?

If you have any questions, concerns, or comments about our product, feel free to contact us at [email protected]. A customer support representative will reach out to you promptly.

Prepare for ACA Reporting: A Step-by-Step Guide for TY2020

It is important that you know what information you need before you begin to prepare for ACA reporting. We’ve identified the following 7 key topics that may help you to correctly and timely complete your ACA filing with our Step-by-Step Guide. Continue reading Prepare for ACA Reporting: A Step-by-Step Guide for TY2020

Affordability Safe Harbors – Tax Year 2020

Determining the affordability of the health coverage offered to your full-time employees and their dependents can be a bit complex. To put it simply, provided coverage is considered affordable if the premium constitutes less than 9.78% of the household income of an eligible employee for plans starting in 2020.

The ACA originally set the affordability threshold at 9.5% of an employee’s household income, and the IRS has adjusted it annually.

Since household income can be difficult to determine, due to factors such as spousal or secondary income, the IRS offers three safe harbor options to assist in determining affordability: Continue reading Affordability Safe Harbors – Tax Year 2020