ROCK HILL, SC / ACCESSWIRE / November 7, 2023 / The end of the year means many different deadlines and tax filing requirements for businesses, tax professionals, and service providers. TaxBandits, a leading IRS-authorized e-file provider of payroll and employment tax filings, is excited to announce that Forms 1099, W-2 and ACA 1095 are now available in their application for the 2023 tax year.
With TaxBandits, businesses of every size and scope are able to begin the process of filing year-end forms. With time-saving features and internal audits that promote accuracy, they can easily e-file the following form types with the IRS and State and distribute copies to recipients.
An Overview of Year-end Forms and Filing Requirements
W-2 Forms
- The Social Security Administration (SSA) requires that all employers file a W-2 Form annually to report the wages and withholdings of their employees. Some States require a W-2 or reconciliation form to report this information to their agencies. Employers of Puerto Rico must file the W-2 PR. The deadline to file and furnish copies of W-2 Forms is January 31, 2024.
1099 Series Forms
- The IRS requires 1099 Forms to be filed with the IRS each year to report certain types of payments that were made throughout the year in the course of doing business. The most common include the 1099-NEC for reporting non-employee compensation payments to vendors and independent contractors and the 1099-MISC for miscellaneous prizes, rents, and attorney fees. Due to a change in reporting requirements for 1099-K for electronic payments, many more businesses and individual taxpayers will receive this form. The filing deadline varies for 1099s, but the majority of them must be completed and distributed to recipients by January 31, 2024.
- Form 1099-NEC
- Form 1099-MISC
- Form 1099-K
- 1099-INT
- 1099-DIV
- 1099-R and more.
Affordable Care Act Forms
- Under the Affordable Care Act employers and insurance providers that offer health insurance coverage to employees/individuals must report this information to the IRS using Forms 1095-B/1095-C. The IRS uses this information to verify that the coverage provided meets the minimum requirements of quality and affordability. The deadline to e-file ACA forms is April 01, 2024.
New Features and Functionality from TaxBandits
The TaxBandits team is dedicated to not just maintaining the most advanced features and functionality available, but continuing to expand and add new offerings to streamline their clients filing process. In addition to their existing features, they are excited to announce the following that will be available for tax year 2023 filing:
- New Integrations Available: Besides the existing integrations with QuickBooks, Xero, and Sage Intacct, TaxBandits clients can now import filing information directly from their ZohoBooks and Freshbooks.
- W-9 Manager: TaxBandits has revamped and expanded its W-9 management tool. This allows businesses to easily request and collect required tax information from their vendors and independent contractors using a secure online process. This includes TIN Matching, this feature verifies the EIN/SSN provided on Form W-9 using the IRS database. In addition to the W-9 Manager, TaxBandits now offers a Fillable W-9 solution, enabling clients to fill out a W-9 securely, e-sign, and download or share it with their payers in minutes. TaxBandits also launched a mobile app for Android and iOS users to complete and share the W-9s on the go!
- Additional 1099 Forms Supported: TaxBandits has added Forms 1099-A and 1099-LTC to their lineup. A complete list of supported 1099s can be found here.
- TIN Matching: This feature will be available for the 2023 tax year. TIN Matching allows businesses to verify all EIN/SSN information that they have been provided before filing forms with the IRS/SSA. TaxBandits checks this information using the IRS database to ensure the accuracy of TIN Information, preventing inaccurate filing for their clients.
When asked about the upcoming tax season, Agie Sundaram, the CEO, and Co-founder of SPAN Enterprises (parent company of TaxBandits), responded by stating, "The team at TaxBandits is gearing up for a huge tax season this year, as a market-leading e-file provider we are always working hard to offer our clients the best e-filing experience and customer support available on the market. We are excited to add new features, forms, and functionality to our already robust application."
Businesses, tax professionals, and service providers can begin their year-end at TaxBandits.com by creating a free account.
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of 1099, W2, 1095-C Form , 1095-B Form , 940, 941, 943, 944, 945, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
Software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add value for their clients and expand monetization efforts. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms. Software providers can also use the developer-friendly 1099 API to request W-9s and automate 1099 filings efficiently.
About SPAN Enterprises
Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.
The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For any media inquiries, please contact Stephanie Glanville, Content Writer at [email protected].
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SOURCE: TaxBandits