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… Read more »
Corrections Guide for Tax Year 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… Read more »
Form Aggregation for Tax Year 2023 – What You Need to Know
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… Read more »
Filing Paper Returns – Just Don’t Do It!
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,… Read more »
What is the Combined Federal State Filing Program?
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… Read more »
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 »
What You Need to Know About the IRS eFiling Threshold Changes
What You Need to Know About the IRS eFiling Threshold Changes The IRS recently released new requirements around electronic filing of all information returns including Forms 1099, 1098, W-2 and more. The new requirements also include employment tax returns such as Forms 941, 945 and Form 1042. The changes impact 2023 returns filed in 2024… Read more »
Form 1042-S Basics for Small Business
If you are a US based company reporting income paid to a U.S. citizen, you would use one of several 1099 tax forms, such as a 1099-NEC or 1099-MISC. But what’s the protocol for reporting income paid to workers based elsewhere in the world? That answer is form 1042-S. The IRS deadline for both paper… Read more »
IRS Lowers eFile Threshold to 10 Forms for Tax Year 2023
IRS Lowers eFile Threshold to 10 Forms for Tax Year 2023 The Treasury Department and IRS announced changes this week to electronic filing requirements for a number of 1099 forms and Form 1042 (Annual Withholding Tax Return for U.S. Source Income of Foreign Persons). This notice provides final confirmation on the timeline for implementation of many… Read more »
You may have 2022 Affordable Care Act (ACA) state filings due. Is your organization ready?
In addition to federal ACA filing, it’s important to remember that some states have implemented their own mandates that require reporting employee health care coverage directly with the state. Applicable Large Employers (ALE) must also provide copies of 1095-C forms to their employees. Here are a few quick tips to help guide you through the… Read more »