TY2020 Head Start

Preparing Form 1095-C: TY2020 Guide

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preparing form 1095-c a step-by-step guide

Before you begin to prepare your ACA reporting, it’s important that you know what information you need in preparing Form 1095-C. This step-by-step guide identifies 7 key topics that will help you correctly and timely file your Form 1095-C ACA reporting. 1. Identify common law employees The IRS defines an employee as anyone who performs … Read more

Prepare, Distribute, File

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ACA Reporting, aca, efiling, efile, e-filing, e-file, affordable care act, boomtax, 1095C, 1094C, 1099, 1099 reporting, 1099-MISC, 1099-INT, 1099-DIV, Tax Year 2018, IRS quick guide, w-2, w2, information returns

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. Whether you’re brand new to BoomTax or have been a long-time customer, we’re always happy to help with your tax filing needs. With this in mind, we’ve put together … Read more

Preparing Form W-2c: TY2020 Guide

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Preparing Form W-2c A Step-by-Step Guide

Form W-2c is used to correct misinformation on Forms W-2, W-2AS, W-2CM, W-2GU, W-2VI, or W-2c. In this guide, we will walk you through the information required when preparing Form W-2c. What information can I correct with a Form W-2c? Form W-2c is typically used to correct name, SSN, and/or wage information for an employee … Read more

Deadlines for Form 1099 Series Tax Year 2020

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Deadlines for form 1099 series

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 2020 Forms 1099-NEC to the IRS by paper or electronic filing is January 31, 2021.
  • The deadline to submit all other 2020 Forms 1099 to the IRS by paper filing is March 1, 2021.
  • The deadline to submit all other 2020 Forms 1099 to the IRS by electronic filing is March 31, 2021. 

Note: You must file electronically if you are submitting over 250 Forms 1099-MISC, -INT, or -DIV for TY2020.

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Affordability Safe Harbors – Tax Year 2020

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Affordability Safe Harbors

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 … Read more

Preparing Form 1095-B: TY2020 Guide

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Preparing Form 1095-B a step-by-step guide

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 … Read more

ACA State Requirements for Tax Year 2020

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ACA States with e-file requirements

We know that ACA filing requirements can be a little tricky, but we are always here to help simplify ACA State filing.  As of today, California, Massachusetts, New Jersey, Rhode Island, Vermont and the District of Columbia have Individual Mandates in place that require employers to report ACA data on the state level as well … Read more

Form 1095-C Draft for Tax Year 2020 Released by IRS

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Form 1095-C Draft for Tax Year 2020 Released by IRS

The IRS has released an updated Form 1095-C draft for Tax Year 2020. The new draft has a few major changes you should know about. This draft will help employers prepare for 2020 Affordable Care Act (ACA) Reporting. A finalized version of the form should be released by early 2021.

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Vermont State ACA Filing Requirements for TY 2020

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Now Required: Vermont State ACA Filing

Many states have adopted Individual Mandates. Vermont is one of these states. While there are currently no additional requirements for employers, there will be if federal ACA reporting requirements are eliminated. What are the deadlines for Vermont state ACA filings? There are currently no additional Vermont State ACA reporting requirements. What about other states? Currently … Read more

BREAKING: ACA Deadline Extension for TY2020

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ACA deadline extension TY2020

The IRS published Notice 2020-76 regarding an ACA deadline extension for TY2020 for employers and providers to issue Forms 1095 to eligible employees. In addition, the extension is automatic and does not require any submitted request. The deadline to distribute employee copies of Forms 1095 has extended from January 31, 2021 to March 2, 2021. … Read more

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