Blog
April 9, 2025
A Post-Tax Season Checklist for Your Business
Congratulations—you’ve officially survived another tax season. Your forms are filed, the IRS hasn’t come knocking (yet), and the spreadsheets are (hopefully) closed. But before you shut the door on another reporting cycle, take time to finish strong and set yourself up for success the next time around. Step 1: Correct and Resubmit Any Filing... Read more »
Read more ➞March 5, 2025
March E-Filing Deadlines for Businesses in 2025
March 2025 marks one of the most significant periods of the tax season for businesses, as major electronic filing (e-filing) deadlines approach for 1099 forms, ACA health coverage reporting, and 1042-S filings. Businesses must ensure all required forms are submitted electronically before the following IRS-mandated deadlines to remain compliant and avoid penalties. 1099 E-Filing Deadlines... Read more »
Read more ➞February 21, 2025
How to E-File Form 1099 Corrections
Accuracy is a non-negotiable for tax information reporting. Precision with 1099 filing is especially pertinent, as each business maintains a certain responsibility in upholding the integrity of the financial reporting system. These forms aren’t just paperwork representing the lifeline of accurate financial disclosure, detailing everything from non-employee compensation to various other transactions. Still, mistakes happen.... Read more »
Read more ➞February 17, 2025
Decoding ACA Compliance: A Step-by-Step Guide for Employers
The Affordable Care Act (ACA), established in 2010, brought about transformative changes to the healthcare sector, primarily designed to broaden healthcare access across the nation. In addition to expanding coverage, the ACA imposed new duties on employers, fundamentally reshaping their role in the healthcare ecosystem. A pivotal element of this legislation was the rollout of... Read more »
Read more ➞February 14, 2025
IRS Updates to Form 1042-S for 2025: What SMBs Need to Know
The IRS has released the new version of Form 1042-S, which is used to report U.S. source income earned by foreign persons and the withholding associated with that income. Below is a breakdown of the updates made to the 2025 Form (used to report income earned in 2024): 1. New Box 7d A new checkbox... Read more »
Read more ➞February 6, 2025
IRS Red Flags: Common Business Tax Mistakes to Avoid This Tax Season
The IRS officially started accepting returns as of January 27, setting off a flurry of activity for businesses, payroll teams, and tax professionals. With the IRS expecting to process over 140 million individual tax returns by the federal deadline, the next few months will be a race against the clock for businesses across the country.... Read more »
Read more ➞January 28, 2025
What to Know About Form 1042 Electronic Filing
The IRS is welcoming a new era of tax reporting with updated electronic filing requirements that aim to streamline processes and improve compliance. Starting with tax year 2024, all U.S. withholding agents must electronically file Form 1042 Annual Withholding Returns for U.S. Source Income of Foreign Persons, marking a major shift from the paper-based submissions... Read more »
Read more ➞January 21, 2025
Mark Your Calendars with These 2025 Tax Deadlines
Tax season doesn’t have to feel like a last-minute scramble to the finish line for your business. Knowing what’s due and when—whether it’s furnishing information returns to recipients or filing them with the IRS—is the first step in maintaining compliance and avoiding costly penalties. Let’s dive into the key deadlines every business needs to know... Read more »
Read more ➞January 16, 2025
Important Updates to ACA Reporting (1095-B/1095-C) for SMBs
If your business provides health coverage, you should be aware of new regulations put in law by two bills recently signed by President Biden. These new regulations will impact reporting requirements and include penalty provisions for employers and health insurance providers that provide minimum essential health care coverage under the Patient Protection and Affordable Care... Read more »
Read more ➞January 15, 2025
Tax Reporting Resources for Those Affected by the California Wildfires
The wildfires sweeping through Los Angeles County have left a significant impact on families, communities, and businesses. At Sovos, our hearts go out to everyone affected. As you navigate these challenging times, we remain committed to supporting all businesses in any way possible. We understand that 1099 and W-2 reporting may not be top of... Read more »
Read more ➞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 »
Read more ➞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 »
Read more ➞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 »
Read more ➞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 »
Read more ➞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 »
Read more ➞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 »
Read more ➞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 »
Read more ➞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 »
Read more ➞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 »
Read more ➞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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