The key to coding section 16 is understanding that it is directly related to the codes that reside in section 14 (Offer of coverage). If you use the code 1A in section 14 as your offer of coverage, you are reporting to the IRS that you are offering coverage that is affordable because it is […]
We are currently in tax year 2016. Many clients have approached us to efile tax year 2015 originals and corrections. This is more challenging then I originally expected but the process is easy in hindsight. We called and emailed the IRS to attain the below steps and I have successfully efiled tax year 2015 data […]
No, there is not a way at this time to delete accepted ACA transmissions. You can efile a correction.
Colleges and universities use IRS Form 1098-T to report amounts relating to qualified tuition and related expenses. The IRS imposes a penalty per record for incorrect or a missing taxpayer identification number for every tax form except IRS Form 1098-T. The new law reads: “No penalty shall be imposed under section 6721 or 6722 solely […]
Social Security Number (SSN) masking is encouraged and one of the best ideas the IRS has come up with. Filers can replace the first 5 digits of a Taxpayer Identification Number or TIN with an X or *. An example would be ***-**-1234 or XXX-XX-1234 You can mask social security numbers (SSN), employer identification numbers […]
1099 Software: Other than the presentation of the number on the actual form mailed out, does the hyphenation of the TIN number matter when filing?
Yes. The TIN and TIN TYPE are efiled to the IRS. If the TIN has 1-hyphen or dash, then its an EIN and that TIN TYPE is transmitted along with the TIN. If the TIN has 2-hyphens, then the TYPE is SSN. And if the TIN has no hyphens, the TIN TYPE is unknown.
The vertical pipe or | represents carriage return. Lets consider this example: National Software Incorporated DBA 1099FIRE 7 North Pinckney Street, Suite 240 If you type or import: National Software Incorporated DBA 1099FIRE 7 North Pinckney Street, Suite 240 The name and address will print as National Software Incorporated DBA 1099FIRE 7 North Pinckney Street […]
You need a PDF print driver in order to convert to PDF. There are lots and lots of free PDF print drivers on the web. Download and install one. In the 1099 software, import in your data and go to File/Print. Select the pages you want to print and hit Ok. Then a box will […]
There are 3 ways where you can print Form 1096. File/Print. Import in your data from excel or type in your data. Go to File/Print or Print Preview and you should see this: Put a check in Form 1096 and hit Ok and try printing. The software will automatically calculate the totals and number of […]
The red-ink forms are free and typically have a perforated edge and additional form copies attached. The additional forms are almost like tissue paper and tear easily. In the days before computers, you put carbon paper between the red-ink Copy A and Copy B and when you typed or used a pen and wrote really […]