Monday 24 December 2018

Facts about online filing of Form 1099-Misc, Miscellaneous Income (2019)

Taxseer provides a quick and easy form 1099 MISC online filing options to the filers through the online forms that mimic the paper forms. The highly sophisticated Taxseer’s editable online forms have changed the way the filers have been traditionally filing the paper forms and reduced the filing time to minutes instead of hours and days. We also provide the e-file of the extension form 8809 if the filer is not ready to file form 1099 MISC before the IRS due date. This blog provides the critical information that the filer must know before they e-file form 1099-Misc, Miscellaneous Income. 
What should be reported on Form 1099-Misc, Miscellaneous Income?
Filers are expected to file Form 1099-MISC for each person to whom they have paid during the year:
  • at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
  • at least $600 in:
    • rents;
    • services performed by someone who is not your employee;
    • prizes and awards;
    • other income payments;
    • medical and health care payments;
    • crop insurance proceeds;
    • cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish;
    • generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
    • payments to an attorney; or
    • any fishing boat proceeds,
In addition, 1099-Misc form should be used to report the direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment. Form 1099-MISC must be filed for each person from whom the filers have withheld any federal income tax (report in box 4) under the backup withholding rules regardless of the amount of the payment. Read More
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Monday 17 December 2018

IRS form 1095-C online filing through Taxseer

Form 1095-C is filed and provided to the employee of an Applicable Large Employers (ALE) member who is a full-time employee for one or more months of the calendar. ALE members are required to report that information for all twelve months of the calendar year for each employee.Form 1095-C is used by the employees to report the healthcare coverage offered to them by the employer. The IRS uses the information on it to determine whether the employee or the employer have to pay a fine for failing to meet the healthcare coverage requirements under the Affordable Care Act (ACA). Employees receive multiple Forms 1095-C if they work for multiple applicable large employers in the previous calendar year. They may need to submit information from the form(s) as a part of their personal tax filing.
Taxseer (https://www.taxseer.com/) provides form 1095-C online filing options to the filers through the online forms that mimics the actual paper forms. It automatically generates the 1094-C form (Transmittal of Employer Provided Health Insurance Offer and Coverage Information Returns) which can be electronically signed by the filer before submission to the IRS system. Read More
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Tuesday 4 December 2018

E File form 1095-B (Health Coverage) with the IRS

Affordable Care Act(ACA) Form 1095-B includes the type of coverage the individual has, dependents covered, and the period of the coverage.  IRS Form 1095-B is used to verify on tax returns that an individual and his or her dependents have at least minimum essential coverage.
If the business employs less than 50 full-time employees and provides self-funded insurance plans to their employees, Form 1095 B (Health Coverage) should be provided to each eligible employee and Form 1095-B & Form 1094-B should be filed with the IRS. However, if the business employs less than 50 full-time employees and pays an insurance carrier for the employees’ plan, the insurance carrier should send form 1095-B to the employees and file Form 1095-B & Form 1094-B with the IRS. If the business employs 50 or more full-time employees (considered as Applicable Large Employer – ALE) and offer self-funded plans then they are only required to provide Forms 1095-C to the employees.
Taxseer (https://www.taxseer.com/) provides form 1095-B online filing options to the filers through the online forms that mimic the paper forms. It automatically generates the 1094-B form (Transmittal of Health Coverage Information Returns) which can be electronically signed by the filer before submission to the IRS system.

5 Easy Steps to e-File Form 1095-B Online


Filers can eFile Form 1095-B easily and securely through Taxseer by following these five easy steps:

Step 1: Create a free account with Taxseer

Create a free account on Taxseer( https://www.taxseer.com/ )by just providing your email address and name. It just takes less than a minute to sign up and then you are ready to start filing Form 1095-B & 1094-C.

Step 2: Add the Filer/Payer information

Select the TIN type (EIN or SSN) that will be used for the filer record and enter the TIN information based on the selection. Provide the complete business address and other information including the email address and fax#.

Step 3: Add the Recipient/Payee information

Select the TIN type (EIN or SSN) that will be used for the Recipient record and enter the TIN information based on the selection. Provide the complete business address of the recipient and the email address. Email address is important for the recipients using the recipient portal to download the various forms submitted by the filers.

Step 4: Complete the pre-populated form through the online editable form

The filer and recipient are automatically populated on the form and the rest of the information can be manually entered using the editable 1095-B online forms. Form 1094-B is automatically generated and the filer can digitally sign it for e-filing with the IRS.  The completed form can be confirmed and added to the shopping cart so that all completed forms can be checked out at the same time.

Step 5: Select the service type, pay the service charge, and submit the form for e-filing

Taxseer provides the following three service options for the Form 1095-B efiling:
  • eFile only: In this case, the filer downloads the completed form and mails the recipient copy by itself while Taxseer efiles the form 1095-B & form 1094-B with the IRS system.
  • eFile and mail the recipient copy: In this case, Taxseer performs the efiling of the Form 1095-B & Form 1094-B with the IRS system and mails the recipient copy.
  • eFile and Recipient portal: In this case, email is sent to the recipient with the link for the form. Recipient logs into the Taxseer’s recipient portal and views and download the Form 1095-B submitted by the filer. Taxseer performs the efiling of the Form 1095-B & Form 1094-B with the IRS system.

Taxseer’s e-Filing responsibility

Taxseer’s automated services will e-file your submitted Form 1095-B & Form 1094-B with the IRS systems and update the result (Accepted or Rejected status) back in Taxseer after it is processed. For any rejection, a detail rejection message will be provided so that the filer can edit the rejected forms and resubmit after correction. Taxseer maintains the filing history securely on the cloud for at least 7 years and it is accessible 24x7x365 from anywhere.

About Taxseer

Taxseer (https://www.taxseer.com) is a leading IRS-authorized e-file service provider offering you the best cloud-based solutions to perform online filings of Form ACA (1095-B & 1095-C), 1099 MISC, 1099 Series, W-2, 2290, 8849, 8809, W-9 and many more. We provide Wizard-driven e-filing for guided and error-free submissions and extend the security, intelligence, availability, and agility of the tax solution on the cloud. SSL-encrypted connections are used for transferring sensitive information and to provide a very safe environment for clients. As part of our commitment to making e-filing easy and convenient, we are always available.  
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