While it may feel like we just kicked off 2022, the year is coming to an end. That means the holidays are right around the corner, but it also means your business has some year-end filing deadlines around the corner as well!
Don’t worry, TaxBandits is here to help streamline your filing for the 2022 tax year. While the deadline on January 31, 2023, may seem far off, you can get started earlier than ever because the following forms are now available from TaxBandits.
Before you start to gather the required documents for your tax filing, it’s essential to have a clear-cut understanding of this year’s form updates. Here are some of the major changes made by the IRS for the 2022 Tax Year
Form 1099-K will become much more common this tax year as the requirements for filing it has changed dramatically. This form must be filed with the IRS to report all transactions made through payment card transactions or third-party network transactions of $600 or more, regardless of the number of transactions.
Note: For returns prior to this year, Form 1099-K only needed to be filed when transactions were more than $20,000 with more than 200 transactions.
The penalty rates for the incorrect and late filing of Form W-2 have increased slightly this year. The IRS has also mentioned that there will be a change in the penalty rates for all information returns. This means that the penalties for the 1099 series and ACA Forms 1095-B and 1095-C will also be increased.
The box numbers in Forms 1099-MISC and 1099-DIV have been updated with respect to the FATCA filing requirement.
Get Ahead for the 2022 Tax Year with TaxBandits!
Now that we have taken a closer look at the year-end forms your business may be required to file, you are one step closer to getting started with TaxBandits, the ideal solution to meet your tax filing requirements!
How TaxBandits makes your E-filing Experience Hassle-Free?
TaxBandits supports both the Federal (with the IRS and SSA) and State filing (51 states) of your tax returns. We offer great features to help file your forms quickly and accurately. Some of these include:
Recipient Copy Distribution:
In addition to filing with the IRS and state, TaxBandits facilitates the distribution of your form copies to the recipients through postal mailing services and a secure online access portal.
It can be quite hectic when you have many tax returns to complete. To make it easier for you, TaxBandits offers a Bulk Upload feature that allows you to upload all the required information using Excel templates. This not only simplifies your filing but saves a lot of your time.
If you are a service provider looking to extend your business into tax e-filing, the API solution from TaxBandits may be the perfect option for you.
Built-In Error Checks:
Ensuring the accuracy of your tax returns is one of our top priorities. For that reason, we have an internal audit check system that checks for any basic errors in your form and performs IRS business rules and IRS Schema Validations.
Workflow Management for Tax Pros:
Intended to streamline the client management process for tax professionals and payroll service providers, TaxBandits enables adding multiple users and assigning specific privileges to them for managing the filing of your clients. You can easily track the activity of your staff and review your clients’ forms in one place.
We provide volume-based pricing exclusively for bulk filers and tax pros. We also offer prepaid credits, and by purchasing these credits in advance, you can save both money and time.
Apart from these, we have numerous features that can be incredibly helpful during your filing process.