No fooling! It may seem like a cruel joke, but today, April Fool’s Day is indeed the last day to e-file Form 1099 and ACA Form 1095. This means that you must submit these forms to the IRS today, or you could face penalties from the IRS.
Do I need to send in a 1099 Form?
If you own a business, you may be required to file Form 1099 today. Let’s take a closer look.
In order to determine whether or not you need to send in a 1099 form to the IRS, answer this list of questions:
- As a business owner, have you made payments to a contractor (individual or partnership) that totaled more than $600 during the tax year?
- Outside of personal appointments, have you paid an attorney, doctor, or other professional to do work for your business?
- Acting on behalf of your business, have you sent payments to corporations for medical, legal or fishing activities?
- Have you paid more than $600 to an individual or partnership to rent office space, machines, equipment or land for your business?
- During the tax year, did you, through your business, give payments or provide compensation in the form of commissions, fees, interest, rent, royalties and/or annuities?
If you answered “yes” to any of these questions, you are required to file Form 1099, and the deadline is today! Please note, the 1099 reports payments that you made while in operation as a business – personal payments that you made as an individual, for example to a babysitter for watching your children or to a landscaper for trimming the shrubbery around your home, do not count and do not need to be reported. If, however, you hired that same landscaper to plant some flowers around the entrance of your business location and make it more appealing from the street view, that you would need to report.
Is the ACA 1095 Form still required?
With so many recent changes, keeping track of requirements around the Affordable Care Act can get really confusing. Running your business is already complicated enough, and you certainly want to stay on the right side of the law, but it seems like it gets more and more difficult every year. Let’s clear some of the clouds around ACA Form 1095 so you can figure out what you need to do.
The bottom line is actually pretty clear. If you employ at least 50 people full-time, you are labeled as an applicable large employer (ALE). You are required to submit ACA Form 1095, and the deadline for e-filing is today.
As an ALE, you have to meet a minimum standard for providing affordable health insurance to your employees. The only thing that has changed is the amounts and types of penalties – none of the general requirements surrounding ACA compliance and reporting are different.
In other words, despite all the changes over the last year, you, as an employer (if you employ 50 people or more), are still required to provide health insurance to your employees, and to prove that you do.
How do I file these forms fast?
Here’s the easy part. Once you’ve determined whether or not you need to file IRS Form 1099 and/or ACA Form 1095, TaxBandits is here to help! We offer a service that lets you quickly and easily file either form, or both, and stay tax compliant!
Here’s the simple, easy process:
|For your 1099 Form:
||For the ACA 1095 Form:
|Create a free account.
||Create a free account.
|Add payer details.
||Add employer/insurer information.
|Add recipient details.
||Add Individual and Benefit information.
||Add covered individuals information.
|Pay and send!
||Pay and send!
It all starts when you create your free account with TaxBandits! Once you do, we’ll walk you through the process, making sure you are able to accurately complete your Form 1099 or Form 1095.