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 Tax Year 2018
The IRS updated Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s), last month to reflect a key change as part of the Tax Cuts and Jobs Act (TCJA). Effective January 1, 2018, the backup withholding tax rate dropped from 28 to 24 percent.
Among other circumstances, backup withholding applies when a taxpayer fails to provide their correct taxpayer identification number (TIN) to a payer or when a taxpayer underreports interest or dividend income on their federal tax return. Continue reading IRS: Reduced Backup Withholding Rate Applies to Small Businesses
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.
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.”
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.
Health coverage can be offered by employers, government-sponsored programs, or other coverage options.
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.