Forms 1099, W-2 and 1095 are Now Available for Tax Year 2023
Our team is gearing up for the upcoming tax season, and we’re excited to let you know that year-end forms are available from TaxBandits earlier than ever this year!
That’s right, as of today, you can begin completing Forms W-2, 1099, and ACA 1095 for the 2023 tax year.
Here is a quick overview of the filing requirements for each of these IRS business tax forms. We’re including the purpose, deadlines, and additional filing requirements for each of the year-end information returns your business or your client’s business may need to file. We’re also sharing the IRS updates to 2023 reporting that will affect you!
Plus, we’re sharing the latest and greatest updates to the TaxBandits to help you level up your e-filing process this year!
Forms Available for Tax Year 2023 – and their purpose
These are the forms that businesses are generally required to file at the end of the year to report payroll, payments, employment information, and more to the IRS/SSA.
W-2 Forms
The Social Security Administration (SSA) requires employers to file W-2 Forms annually to report employee wages and withholdings. Some states also mandate a W-2 or reconciliation form for reporting to their respective agencies. Employers in Puerto Rico must file the W-2 PR. Additionally, there are specific filings for state requirements.
The deadline to file W-2s with the IRS and distribute copies to employees is January 31, 2024.
- Form W-2
- Form W-2 PR
- W-2 State Filing/reconciliation forms
1099 Series Forms
The IRS mandates the filing of 1099 Forms annually to report various types of payments made in the course of business. Common forms include the 1099-NEC for reporting non-employee compensation, 1099-MISC for miscellaneous payments like prizes, rents, and attorney fees. Notably, there has been a change in reporting requirements for 1099-K, impacting more businesses and individual taxpayers who will receive this form. TaxBandits supports all of the following 1099s:
• 1099-NEC
• 1099-K
• 1099-R
• 1099-S
• 1099-B
• 1099-K
• 1099-G
• 1099-C
• 1099-Q
• 1099-SA
• 1099-INT
• 1099-DIV
• 1099-OID
• 1099-NEC
• 1099-MISC
• 1099-PATR
• 1099-A (New)
• 1099-LTC (New)
• 1099 Corrections
Affordable Care Act Forms
Under the Affordable Care Act, employers and insurance providers offering health insurance coverage to employees or individuals must report this data to the IRS using Forms 1095-B and 1095-C. The IRS utilizes this information to verify that the coverage meets minimum quality and affordability standards.
- Form 1094-B (cover page for 1095-B)
- Form 1094-C (cover page for 1095-C)
- Form 1095-B
- Form 1095-C
New Features to Streamline your Tax Year 2023 E-filing
Here at TaxBandits, we’re all about staying ahead with the latest features while making things easier for our clients. And for the 2023 tax year, we’ve got some exciting updates to share:
Enhanced Integrations
You already know we work great with QuickBooks, Xero, and Sage Intacct. Now, we’re thrilled to let you import seamlessly from ZohoBooks and Freshbooks, making your filing process smoother than ever.
Revamped W-9 Manager
We’ve given our W-9 tool a serious upgrade. It’s now super easy for businesses to ask for and collect tax info from vendors and Independent contractors. Plus, we’ve added TIN Matching to ensure the accuracy of EIN/SSN details using the IRS database.
New 1099 Forms
We’ve expanded our support to cover Forms 1099-A and 1099-LTC. Check out our website for the complete list of supported 1099 forms.
TIN Matching for Precision
For the 2023 tax year, we will be introducing TIN Matching. This nifty feature lets businesses verify their recipient’s TIN information before filing forms with the IRS/SSA. We’ll double-check these against the IRS database to make sure your TIN info is spot on, avoiding any filing hiccups.
Ready to create your free TaxBandits account and begin your year-end filing ahead of time?
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