ROCK HILL, SC / ACCESSWIRE / January 11, 2021 / For business owners and tax professionals alike, 2020 has been a difficult year, full of reporting changes. To simplify and streamline the process, TaxBandits is now accepting year-end forms for the tax year 2020. With a user-friendly interface and new time-saving features, TaxBandits is the one-stop destination for IRS/SSA e-filing.
TaxBandits offers both federal filing with the IRS and SSA, as well as state filing. In addition, TaxBandits provides a complete solution for recipient copies. Users can choose from postal mailing options and/or granting their employees and recipients to view and download their forms using the secure Online Access Portal.
Forms 1099
One of the most notable changes to IRS reporting comes with the reactivation of Form 1099-NEC. This form was last active in the 1980s; however, the IRS is bringing it back for the tax year 2020. Payers should use Form 1099-NEC for reporting all non-employee compensation.
Non-employee compensation will no longer be reported on Form 1099-MISC using Box 7. TaxBandits supports Form 1099-NEC with the IRS and states, and the application helps employers determine whether they need to file 1099-NEC or 1099-MISC.
Payers filing their 1099s can schedule the date/time that their forms will be transmitted. This allows them more time to pause and edit their forms as needed, without the risk of missing the deadline.
Form W-2
The structure of the Form W2 remains ultimately the same for the tax year 2020; however, deferred social security payments and paid time off due to COVID-19 should be included on the Form W-2.
To alleviate the most common reason for IRS rejections, TIN mismatches, the TaxBandits application performs TIN Matching on each form to prevent the reporting of incorrect TINs.
Form 94x Series
TaxBandits supports Forms 940, 941, 941-PR/SS, 943, 944, 945. The forms in this series refer to employment taxes. Form 941 has been completely overhauled during the 2020 tax years due to COVID-19.
TaxBandits supports Worksheet 1 during the 941 filing process, which helps employers calculate and report their refundable and non-refundable tax credits. With the TaxBandits Zero Filing feature, employers with no taxes to report for the quarter can skip through the form for faster filing.
Form 1095
Any applicable large employer with 50 or more full-time equivalent employees must file ACA Forms 1094-B/C and 1095-B/C with the IRS. TaxBandits supports the e-filing of these forms. The IRS requires that employers distribute recipient copies. TaxBandits offers both a print and mail option and an online access option for handling recipient copies.
When asked about the year-end deadlines, Agie Sundaram, CEO, and Co-founder of TaxBandits, stated, "TaxBandits offers simple e-filing solutions for all the necessary year-end tax forms business owners, and tax professionals need. With TaxBandits, users can manage all of their year-end filings from one intuitive application. We even offer a bulk upload feature, custom programming, and API integrations for high volume filers."
SPAN Enterprises, the creator of TaxBandits, is an industry leader of solutions for IRS tax filing and the transportation industry. Located in the heart of downtown Rock Hill, South Carolina, SPAN proves that big ideas can grow in a small town. With existing Business Management Software such as TruckLogics and Unitwise and new additions like ACAwise and PayWow, SPAN Enterprises is at the forefront of innovative applications. Learn more at http://www.spanenterprises.com.
Please direct all media inquiries to Stephanie Glanville, Content Writer, at support@taxbandits.com.
SOURCE: SPAN Enterprises
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