October 4, 2024

The Tax Season Survival Guide for Small Businesses

Tax season can feel like navigating a maze of forms, deadlines, and complex IRS rules—especially for small business owners. Whether it’s employees, contractors, or vendors, each payment type comes with its own set of tax forms and filing requirements. Yet, missing a deadline or making a mistake can lead to hefty penalties, making it essential... Read more »

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February 29, 2024

IRS Form 1042 eFiling Requirements Late Breaking Changes

In a late breaking change, the IRS released Notice 2024-26 this week that announced a delay in the new requirement to electronically file Form 1042 (the Annual Withholding Tax Return for U.S. Source Income paid to foreign payees) for 2023 transactions with the IRS’s Modernized e-File (MeF) system. Specifically, the notice indicates that organizations managing... Read more »

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January 3, 2024

What’s New in eFileMyForms for Tax Year 2023

We’ve been busy over the past few months, making sure eFileMyForms provides you with a trouble-free filing experience this tax season. As you begin the process of preparing your filings, here are some helpful tips and updates to get you started! Video guide for tax year 2023 We’ve created an updated and easy to follow ... Read more »

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December 18, 2023

Form 1042 withholding return now requires electronic filing

As we approach the year end, there is an important filing change for tax year 2023 that applies to any business that pays US sourced income to foreign persons.  If your organization pays foreign individuals or entities and files the 1042-S form – you are also required to file form 1042, which is the tax... Read more »

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September 11, 2023

Accessing IRS Systems – Two Paths to Filing

As part of its multi-year business systems modernization plan, the IRS has implemented new systems and processes that must be followed to access their systems to file information returns. With a new process in place, electronically filing information returns requires obtaining access credentials and the first step is to establish an e-Services account with the... Read more »

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August 28, 2023

Corrections Guide for Tax Year 2023

The IRS processes millions of information returns each year, many of which require filing a corrected return. For tax year 2023, the IRS has changed the way in which corrections must be filed. Failure to file your corrections in the proper method can result in potentially costly penalties and extra time-consuming rework. Here is our... Read more »

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August 21, 2023

Form Aggregation for Tax Year 2023 – What You Need to Know

The IRS recently released new requirements around electronic filing of all information returns including Forms 1099, 1098, W-2 and more. The recent change includes a new form volume threshold for electronic filing, which is being lowered from 250 forms to 10 forms. Methodology In tax year 2023, the electronic filing threshold will no longer be... Read more »

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August 8, 2023

Filing Paper Returns – Just Don’t Do It!

We recently had the opportunity to interview James J.  Pupelis, CPA, tax specialist, and long-time user of eFileMyForms. During our conversation with James, we hit on several different and interesting topics, one of which was the need to move away from paper returns. Over the past year, the IRS has made changes to the way... Read more »

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July 20, 2023

What is the Combined Federal State Filing Program?

The Combined Federal State Filing (CF/SF) program was created more than 20 years ago by the IRS to help lighten the administrative burden on small businesses reporting 1099 information to states. This program aims to help integrate federal and state filings. The IRS uses the information filed in federal returns and then forwards that information... Read more »

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July 19, 2023

What is a State Annual Reconciliation Form and Why Does it Matter to Me?

What is a State Annual Reconciliation Form and Why Does it Matter to Me? Have you ever wondered what a state annual reconciliation form is and why they must be filed? We’ve answered those questions, and more, in our list of most asked questions regarding state annual reconciliation forms: What is an annual reconciliation form?... Read more »

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