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Showing posts from October, 2015

ACA and other 2015 Tax Season Forms are Here!

All 2015 tax forms are now available in Tax1099.com. This year, we've added 1095 forms. Read on for some important information about the 1095 ACA forms.

ACA Reporting Starts This Year
Here are the three 1095 forms: 1095-A – for health exchange marketplaces1095-B – for insurers, including self-insured companies1095-C – for Applicable Large Employers (ALE's – 50 or more full-time equivalent employees)
This 2015 tax season, we have added forms 1095-B and 1095-C to our collection. As with our other forms, we will e-file the 1095-B and 1095-C to the IRS. When you e-file these forms, you don't need to complete the 1094 transmittal forms.
We project that most of our users will need to submit the 1095-C forms. The 1095-C includes detailed information about the monthly coverage offered to the employee. You may need to complete section III of the 1095-C if your company self-insures. Companies with 50 or more FTE's may also be responsible for completing this section.

Not sure how man…

How to reduce a $65,000 IRS penalty to ZERO

A $65,000 penalty notice arrives from the IRS. You have 650 mismatched taxpayer ID (TIN) and name combinations. The IRS charges you $100 for each one ($250 each starting in the 2015 tax year – making that penalty $162,500). What do you do?

Well, first, maybe you freak out a little. But after that, what do you do?

Believe it or not, we had a filer in this situation come to us for help. Before becoming our client, they e-filed incorrect 1099-MISC forms. They contacted us when they got the $65,000 IRS penalty notice. Here is how we helped them out.
TIN Matching TIN matching checks vendor-TIN combinations against the IRS database. Some matches were accepted; those forms didn't need anymore work. We found a significant number of mismatches. For those we initiated a W-9 process.
W-9 Collection With e-solicitation of W-9 forms, the vendor receives a W-9 form via e-mail. The e-mail includes instructions for accessing the W-9 through Tax1099.com's secure portal. Once the vendor has edit…