Are You Ready To E-File By The April 1 Deadline?

While many equate April 1st with “April Fools Day”, there’s a tax deadline that’s much more important and needs your attention.

Business owners and employers must e-file their 1099 and ACA 1095 Forms by Monday, April 1, 2019, to avoid costly penalties and fines from the IRS.

Are you ready to e-file by the April 1 deadline? Here’s what you need to know about each form and its e-filing process.

Are You Ready To E-File By The April 1 Deadline?

Form 1095-B & Form 1095-C: What’s the Difference?

Form 1095-B

IRS Form 1095-B is an annual statement to the IRS by Insurance Providers (insurance companies, self-insured employers, employers) with fewer than 50 full-time employees as well as health insurance agencies.

Form 1095-C

Form 1095-C is filed with the IRS by the applicable large employer (ALE) who offers health coverage and enrollment in health coverage for their employees. Employers with 50 or more full-time employees are considered as ALEs.

Form 1099-MISC

Form 1099-MISC is used to report payments for services performed by individuals who are not treated as employees. Miscellaneous income includes payments made to subcontractors wages, rental payments, prizes, awards, or substitute payments in lieu of dividends.

A 1099-MISC Form, reporting miscellaneous income, must be e-filed to the IRS and a copy must be sent to the recipient. Both forms must arrive by their respective deadlines.

Note: Forms 1099-MISC, 1099-INT, 1099-DIV, 1099-R, 1099-S, and 1099-B must be e-filed by Monday, April 1, 2019.

 

How To Quickly E-File & Avoid Penalties

Steps to File ACA Forms (Form 1095-B & 1095-C)

1. Create or sign in to your TaxBandits account
2. Select “Form 1095-B” or “Form 1095-C”
3. Add employer/insurer information
4. Enter individual and benefit information
5. Add covered individuals information
6. Pay and transmit to the IRS

Steps to File Form 1099-MISC

1. Create or sign in to your TaxBandits account
2. Select “Form 1099-MISC”
3. Enter payer details (name, EIN, address)
4. Add recipient details (name, SSN/EIN, address)
5. Enter federal details for miscellaneous income
6. Enter state information and state taxes withheld for each applicable state
7. Choose for the form to be mailed to the recipient
8. Review, pay and transmit return directly to the IRS

Late Filing Penalties You Need To Know About

Failing to file Form 1099-MISC by the upcoming April 1st tax filing deadline can result in an organization receiving a penalty for filing taxes late that ranges from $30 to $1,500,000.

For ACA filings (1095-B and 1095-C), employers may face penalties of up to $260 per form with a total penalty that will not exceed $3,193,000 for the tax year.

 

 

 

 

 

 

 

 

Yep, these are definitely penalties that you do NOT want to deal with! Luckily, TaxBandits has the perfect solutions for filing during crunch time.

Extension Form 8809

If you have a busy weekend ahead and need extra time to file, simply apply for an automatic 30-day extension of time to file with Form 8809 by the Monday, April 1st tax filing deadline. This extension can be filed directly from your free TaxBandits account.

File Your Business Tax Extension Today

Whether it’s a required tax form, deadline, or extension, TaxBandits is here to help you take back your time with efficient e-filing for small businesses and nonprofits.

Get started today with TaxBandits, the online tax filing software you can trust!

 

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