TY2020 Head Start

Common Errors for Form 1099-MISC – TY2020

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Common Errors Form 1099-MISC

Preparing Forms 1099-MISC can be difficult,  but we are here to help simplify things!

So, you:

Sounds like you are good and ready to complete and file your 1099-MISC forms.

However, before you press that print or e-file button, take a moment to review your information and forms for accuracy in order to avoid potential penalties or other problems.

When completing your forms, make sure not to make these common errors for Form 1099-MISC:

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Gathering Information to Prepare Forms 1099-MISC – TY2020

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irs, form 1099, form 1099-misc, e-file, efiling, e-filing

Preparing Forms 1099-MISC can be difficult,  but we are here to help simplify things! Before you prepare your Forms 1099-MISC, you will need to gather the tax information for the business or payer and recipient or payee, as well as the amounts paid to the recipient. What’s New for 2020? Redesigned Form 1099-MISC. Due to … Read more

Who Receives a Form 1099-MISC? – TY 2020

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irs, form 1099, form 1099-misc, e-file, efiling, e-filing

Form 1099-MISC is used to report payments to non-employees. 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. This includes persons such as cleaning services, IT support, or maintenance services.

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Preparing Form 1099-MISC: TY2020 Guide

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Preparing Form 1099-MISC a step-by-step guide

Before you begin preparing your Form 1099-MISC reporting, it is important that you know what information you need to gather. This step-by-step guide identifies 5 key topics that will help you correctly and timely file your Form 1099-MISC. 

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New Jersey State ACA Requirements for TY2020

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NJ State ACA Filing

New Jersey state ACA filing requirements have been clarified for Tax Year 2020. We know that ACA filing can be confusing, so we outline the NJ state requirements below: Clarifications to New Jersey State ACA Requirements for TY 2020: The NJ Market Preservation Act requires reporting to verify coverage provided by payers of NJ’s Income … Read more

Prepare for ACA Reporting: TY2020 Guide

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Prepare for ACA Reporting

It is important that you know what information you need before you begin to prepare for ACA reporting. We’ve identified the following 7 key topics that may help you to correctly and timely complete your ACA filing before the furnishing and filing deadlines. 1. Identify Common Law Employees First, you will need to identify all … Read more

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

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