Prepare for ACA Reporting: 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 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 TY2018

Preparing Form 1095-B: A Step-by-Step Guide for TY2019

Preparing Form 1095-B

It is important that you know what information you need before you begin preparing form 1095-B 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.

Deadlines for Form 1099 Series Tax Year 2019

IRS Deadlines for Form 1099 Series

The deadlines for Form 1099 series vary depending on form and type of filing, electronic or paper.

The deadline to submit 2019 Forms 1099-MISC with NEC (Box 7) reporting to the IRS by paper or electronic filing is January 31, 2020.

The deadline to submit 2019 Forms 1099 to the IRS by paper filing is February 28, 2020.

The deadline to submit 2019 Forms 1099 to the IRS by electronic filing is March 31, 2020. 

Note: You must file electronically if you are submitting over 250 Forms 1099-MISC, -INT, or -DIV for 2019.

Recipient Deadlines

The deadline to distribute 2019 Forms 1099 to recipients is January 31, 2020. 

State Deadlines

Requirements and deadlines for state Form 1099 reporting vary by each individual state. Many states that require Form 1099 reporting participate in the Combined Federal and State Filing Program. It is always best to verify this information by contacting the responsible state agency in order to avoid potential penalties.

Extension of Time to File Information Returns Deadlines

Form 8809 is used to request a 30-day extension of time to file your information returns with the IRS. You should request this extension as soon as you suspect it will be necessary.

The deadline to request an extension of time to file 2019 Form 1099-MISC with NEC reporting by paper or electronic filing is January 31, 2020. 

The deadline to request an extension of time to file 2019 Forms 1099 by paper filing is February 28, 2020.

The deadline to request an extension of time to file 2019 Forms 1099 by electronic filing is March 31, 2020.

If you are requesting an extension for more than one type of form, the request must be filed by the earliest due date of the combined forms.

Initial requests are granted automatically upon filing Form 8809, with the exception of Form 1099-MISC with NEC reporting. If you receive an automatic extension, you may request one additional extension by submitting a second Form 8809 by paper before the end of the first extension period.

Extension requests for Form 1099-MISC with NEC reporting and additional extension requests are not automatically granted and must meet certain criteria.