ROCK HILL, SC / ACCESSWIRE / April 30, 2024 / The end of April marks the end of the month, and for businesses that filed a Form 8809 extension for their 2023 ACA reporting, this also marks the end of their 30-day extension period. Employers that were unable to meet the original e-filing deadline for Form 1095 had the option to file an extension using Form 8809. This is an automatic extension that requires no reasons or justifications from the IRS.
Today also marks the extended deadline for businesses that submitted an 8809, granting them an additional 30 days to file their 1099 Forms for the 2023 tax year.
For businesses seeking filing solutions for Forms 1099 or ACA 1095, TaxBandits is the ideal choice. As an IRS-authorized e-file provider with over a decade of experience, TaxBandits offers straightforward options for 1099 and ACA 1095 filings.
An Overview of 1099 Forms
1099 forms offer a concise overview of non-salary income, encompassing freelance earnings and investment returns, crucial for tax reporting. They provide a snapshot of diverse income streams beyond traditional employment wages, emphasizing the importance of accurate completion for individuals and businesses to fulfill their tax obligations
An Overview of Forms 1095-B and 1095-C
Form 1095-B and Form 1095-C are instrumental in reporting health insurance information offered by employers or providers to individuals. Applicable large employers (ALE), defined as those with 50 or more full-time or full-time equivalent employees, must file with the IRS and provide recipient copies. ALEs typically complete and file Form 1095-C. Additionally, sponsors of health insurance coverage plans and employers offering self-funded coverage are mandated to file ACA forms, with self-funded employers and other providers typically required to file Form 1095-B.
ACA 1095 Purpose and Importance
The IRS utilizes information from these forms to ensure that the coverage offered is both affordable and of acceptable value. Details such as covered individuals, their addresses for determining affordability, coverage acceptance, duration, and employer and employee contributions to coverage, are essential for IRS verification.
Simplified Filing, even at the Last Minute
TaxBandits offers a simplified ACA e-filing process, designed to alleviate the burden on businesses. With aca 1095 bulk upload templates for employee information and print-and-mail solutions for recipient copies, the process is streamlined and efficient. TaxBandits also conducts audits on 1095s using IRS Business Rules to ensure accurate filings, thus minimizing the risk of rejections or ACA penalties for inaccurate information.
On the topic of today's extended deadline, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises (parent company of TaxBandits) responded by stating, "TaxBandits understands the pressure businesses face during April's tax season rush, especially with ACA filing deadlines looming. Our comprehensive solutions aim to simplify the process, ensuring businesses can meet their obligations accurately and efficiently."
For those seeking a comprehensive solution for ACA Reporting, TaxBandits recommends their sister product, ACAwise. The ACAwise team provides services ranging from generating 1095 codes to e-filing forms with both the IRS and state authorities.
Additional deadlines today encompass filing Form 1095 with the District of Columbia and employers submitting their quarterly Form 941 to report withheld taxes from employee wages.
Visit TaxBandits.com today to create an account to complete ACA 1095 filings and more!
About TaxBandits:
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of 1099 Form, Form W2, Form 1095-B, Form 1095-C, 940, 941, and Fillable W-9, serving businesses, service providers, and tax professionals of every shape and size. Our services extend to BOI filing, ensuring effortless compliance with FinCEN regulatory requirements.
Additionally, 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 NEC, W-2, 941, 940, and ACA 1095 forms. Software providers can also use the developer-friendly 1099 API to request W-9s and use that information to automate 1099 filings efficiently.
About SPAN Enterprises
SPAN Enterprises is the parent company of TaxBandits and a variety of other business management and e-filing applications. Located in the small city of Rock Hill, SC, SPAN Enterprises proves that big ideas grow in small towns.
With existing Business Management and E-filing Applications such as TruckLogics and ExpressTaxExempt, SPAN Enterprises is at the forefront of innovative applications. Learn more at https://www.spanenterprises.com/.
For any media inquiries, please reach out to Stephanie Glanville, Content Writer at stephanie@spanenterprises.com.
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SOURCE: TaxBandits
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