ROCK HILL, SC / ACCESSWIRE / October 11, 2022 / As the fourth quarter of 2022 begins, it is time that businesses of all sizes consider their year-end reporting requirements. A major component of year-end reporting is filing Forms 1099 with the IRS and state, and distributing them to recipients. While the 1099 Series includes many forms, the most common are Forms 1099-NEC, 1099-MISC, 1099-K, 1099-R, 1099-INT, and 1099-DIV. All of these forms are now available from TaxBandits for the 2022 tax year.
Form 1099-NEC is used to report non-employee compensation to the IRS, and should be filed by any businesses that have made payments to independent contractors, freelancers, or vendors for $600 or more during the year.
Form 1099-MISC is used to report a variety of miscellaneous payments that are made during the course of business throughout the year. Some examples of miscellaneous payments are rent, prizes, medical and healthcare payments.
Form 1099-K has been updated for the 2022 tax year, this form must now be completed to report any payments of $600 or more that were processed by a Payment Settlement Entity (PSE). This includes electronic payments made through Venmo, Cash App, and other similar providers.
Form 1099-R is used to report a variety of distributions that are related to retirement benefits (pensions, annuities, IRAs, etc.).
Financial institutions and banks use Form 1099-INT to report interest paid to their recipients, and 1099-DIV to report dividends and distributions made to investors.
With TaxBandits, the 1099 filing process has never been easier! TaxBandits provides a wide range of features for easy and accurate e-filing whether businesses are filing a few forms or thousands.
The TaxBandits Bulk Upload feature allows clients to import their employee and recipient information at once and e-file all of their 1099s in one batch. In addition, the IRS Business Rules are built into the e-filing process, this audit prevents the common filing errors that often result in rejected forms.
Businesses and tax professionals can also take advantage of prepaid credits. This allows them to maximize their savings with volume-based pricing. Credits also simplify the filing process as they never expire and can be used in place of entering credit card information during the checkout process.
When asked about the upcoming tax season, the CEO and Co-founder of SPAN Enterprises, the parent company of TaxBandits, Agie Sundaram, stated, "Our team is busy gearing up for a busy and successful tax season. To help our clients stay ahead of the many upcoming year-end filing deadlines, we are ensuring that 1099-NEC, 1099-MISC, 1099-K, 1099-INT, 1099-DIV, and 1099-R are available for them to begin filing far in advance. We recommend clients purchase their prepaid credits now for a seamless tax season with TaxBandits".
Businesses and tax professionals can begin their year-end 1099 filing for the 2022 tax year at TaxBandits.com today!
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of Forms 1099, W-2, 940, 941, 1095, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
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, ExpressTruckTax, and ExpressTaxExempt, SPAN Enterprises is at the forefront of innovative applications. Learn more at https://www.spanenterprises.com/.
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