IRS Paper Filing Threshold Dropped to Just 10 Forms for 2024

IRS Paper Filing Threshold Reduced to 10 Forms - 3 Stacked Books

Many institutions submit paper forms to the IRS for their year end filings, but these institutions may need to switch to electronic filing starting in 2024. The IRS recently published final regulations amending the rules for filing electronically which drastically reduced the paper filing threshold amount. Final Regulations On February 23, 2023, the Internal Revenue … Read more

2023 ACA Deadlines (TY2022)

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Tax Year 2022 is coming to a close, which means that the filing season of 2023 is upon us! We’ve created this guide, so you don’t miss the 2023 ACA deadlines. Basic Information When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements regarding … Read more

Rhode Island ACA Deadline Update Effective in 2023

Rhode Island ACA Deadline Update Effective 2023 - Top view of hourglass on wood table

On Oct 19 2022, the RI Division of Taxation (part of the RI Department of Revenue) released an advisory for taxpayers and tax professionals regarding ACA individual mandate filing deadlines. Rhode Island ACA Deadlines The advisory states that the Rhode Island ACA deadlines for both furnishing forms and reporting with the state have been updated. … Read more

Mastering Form 1095-B: The Essential Guide

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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

Mastering Form 1095-C: The Essential Guide

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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

Mastering Form 1094-B: The Essential Guide

1094-b

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

Mastering Form 1099-DIV: The Essential Guide

1099-DIV

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

Mastering Form 1099-NEC: The Essential Guide

1099-NEC

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

Mastering Form 1099-MISC: The Essential Guide

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IRS Form 1099-MISC, introduced in 1918, is a type of 1099 used to report various types of miscellaneous income. Prior to Tax Year 2020, Form 1099-MISC reported non-employee compensation in box 7. Now, non-employee compensation has its own form: the 1099-NEC. This form is issued by the payer, or known as a business, and given … Read more

Mastering Form 1099-INT: The Essential Guide

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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

Mastering Form 1094-C: The Essential Guide

1094-C

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

Mastering Form 1096: The Essential Guide

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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

Mastering Form W-3: The Essential Guide

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IRS Form W-3, Transmittal of Wage and Tax Statements, serves as a summary or cover sheet for the accompanying Forms W-2. It is 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 … Read more

1099-MISC vs 1099-NEC: The Comprehensive Comparison Guide

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Most individuals are familiar with Form 1099-MISC, so what is this new Form 1099-NEC? We’re here to outline the differences and give you the information you need to determine which forms to file. What is the Form 1099-NEC? Form 1099-NEC was reintroduced in 2020. It’s based on an older version of the form that hasn’t … Read more

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