Make employer corrections to employee forms after they have been e-Filed with the IRS for free.
Understanding the differences between the two forms, 1099-MISC vs 1099-NEC, is essential for correctly reporting various types of payments. We’re here to outline the differences and give you the information you need to determine which forms to file. 1099-MISC vs 1099-NEC: What’s New? The IRS made a couple updates to these forms for Tax Year … Read more
There are many rules regarding how to e-file corrections for errors submitted on an electronically filed information return with the IRS This is to ensure that all corrections are submitted properly and are linked to the appropriate original filing. Incorrectly submitting e-file corrections could lead to duplicate filings or other potential errors. Depending on the … Read more
Every BoomTax filing license comes with free unlimited corrections submissions. We hope you never have to use them, but you should know what they are, when to submit them, why they are necessary, and how to minimize them. What Are Corrections? After you’ve submitted your information returns to the IRS, they may come back as … Read more
Form 1095-C provides information to both the IRS and the employees regarding health coverage offered by an employer to each employee. What is Form 1095-C? For employers, Form 1095-C combined with Form 1094-C is used to determine whether an Applicable Large Employer (ALE) owes an employer shared responsibility provision (ESRP) payment under IRS section 4980H. For employees, … Read more
IRS Form 1096, Annual Summary and Transmittal of U.S. Information Returns, is used as a summary or “cover sheet” to various types of other forms only when submitting a paper filing to the IRS. What is IRS Form 1096 and what is it used for? It provides the IRS with more information regarding the filing, … Read more
Form 1099-DIV is used by banks and other financial institutions to report dividend income and other distributions, such as stock or capital gains. They are completed for each person who has been paid dividends and other distributions on stock of $10 or more. There are circumstances where someone might receive a Form 1099-DIV; there are … Read more
Form 1099-INT is an official IRS document to report interest payers or businesses made to eligible recipients. This form is sent to the IRS during the tax year, as well as any applicable states and individuals for their records. Form 1099-INT is completed by the business/entity whom paid out the interest, not by the recipients. … Read more
The use of Form W-2, Wage and Tax Statement, was introduced in 1943. The first Forms W-2 were sent to employees in 1944. Over time, the form has grown to the complex form we have today. What is Form W-2, Wage and Tax Statement? Form W-2 is used to collect wage and salary information to … Read more
Form 1095-B, Health Coverage, is used to report information regarding individuals who are covered by minimum essential coverage (MEC) to the IRS. Eligibility for certain types of coverage can affect a taxpayer’s eligibility for the premium tax credit. This type of filing is typically completed by insurance companies and other coverage providers, such as small … Read more
Form 1094-B, Transmittal of Health Coverage Information Returns, is purely a transmittal form — also known as a cover sheet or summary form. Form 1094-B must be filed to the IRS along with Forms 1095-B. Together, Forms 1094-B and 1095-B are used to report health coverage information to the IRS. What is Form 1094-B? Form 1094-B … Read more
Have you ever been curious about how companies with more than 50 full-time and full-time equivalent employees report their health insurance coverage to the IRS? This crucial form serves a dual purpose: it acts as a cover sheet for your company’s filing and provides monthly information to demonstrate compliance with the Affordable Care Act. When … Read more
IRS Form W-3, Transmittal of Wage and Tax Statements, serves as a summary or cover sheet for the accompanying Forms W-2. It’s used annually by the IRS and the Social Security Administration (SSA) when an employer opts to paper file. What is Form W-3? I briefly mentioned above how IRS Form W-3, Transmittal of Wage … Read more
Form 1099-NEC is used to report non-employee compensation amounts to the IRS. A non-employee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. Learn more about determining who should receive a Form 1099-NEC by navigating to our article “Who receives a Form … Read more
Form W-2 is used to provide wage information to employees, the SSA, the IRS, and state and local governments. Employees use these forms to file their individual tax returns. As such, it is important to provide the most accurate information when distributing these forms to their recipients. However, we’re only human, and sometimes we make … Read more
*Note – This article is for Tax Year 2015. Guidance for Tax Year 2016 is located here: One of the most common ACA e-filing errors returned from the IRS AIR system is the TIN Validation Error AIRTN500. What causes TIN Validation Error AIRTN500? This typically happens when the last name and SSN submitted in your … Read more