How Does 1099 FIRE Filing Work?
1099 FIRE is the system the IRS uses for electronic filing. FIRE, an acronym for “Filing Information Returns Electronically,” is the fastest, most accurate way to file any form with the IRS. This system can help employers file and report 1099 forms with several advantages: Files are processed faster and with fewer errors The FIRE […]
AMS Payroll and Software Tools for Form 940 Schedule A
940 Schedule A is increasingly used by employers. The form is designed for multi-state filers, allowing employers to list each state where they have employees. The document also allows businesses to make a distinction between FUTA taxable wages for the state, as well as a reduction rate and the credit reduction for the state. Similarly, […]
Form 940 is Less Daunting with AMS Payroll Software
Form 940 is an information-heavy document. The form requires several important figures from throughout the year, including the total payments made to all employees, payments exempt from FUTA tax, and FUTA liability for each quarter. To complete this form, employers will need robust payroll and accounting datasets from which to draw. Unfortunately, most small businesses […]
File Form 943 More Easily with Accounting Software
Form 943 is an oddly specific federal form. Also known as the Employer’s Annual Federal Tax Return for Agricultural Employees, this form is used by employers who paid wages to farmworkers that were subject to social security and Medicare taxes or federal income tax withholding. Like other annual tax returns, the form requires employers to […]
How the Tax Filing Extension Might Affect You
If you’re a small business or accountant, the bulk of your tax work is likely already out of the way. For most employers and accounting professionals, January is the busiest part of tax season. Between sending out W-2s and 1099s, calculating year-end totals, and figuring out which forms you need to file, the early months […]
Form 5498-ESA Preparation and Distribution is Easy with AMS
Form 5498-ESA is the document used to report the education savings account contributions or rollovers made throughout a given calendar year. Also known as the Coverdell ESA Contribution Information form, the 5498-ESA is filed for each person for whom an institution or organization has maintained a Coverdell education savings account (ESA). There are several types […]
Form 5498-SA and Medical Reporting is Easier with AMS
Form 5498-SA is used to track contributions to medical accounts. Also known as the HSA, Archer MSA, or Medicate Advantage MSA Information form, the document is issued by the trustee or custodian of certain medical accounts, including: Health Savings Account (HAS) Archer Medical Savings Account (Archer MSA) Medicare Advantage MSA (MA MSA) One 5498-SA form […]
Find Your Form 5498 Software Solution with AMS
Form 5498, also known as the IRA Contribution Information form, is a very specialized document. The form is filed for each person for whom an individual or business entity has maintained an IRA (individual retirement arrangement). The IRA trustee or issuer is required to file this form with the IRS by May 31. This means […]
Get Form 1098-E with Preparation and Filing Support
If you have student loan debt, you’ve likely encountered Form 1098-E. This document is used by lenders to report how much interest borrowers paid annually. These interest payments can be deductible on federal tax returns, which makes it especially important for lenders to complete, file, and distribute Form 1098-E. If you work for a financial […]
Form 1098-C Made Simple with Filing Software Support
Form 1098-C is a very specialized and sometimes tricky form. Rather than reporting payments you have made on a mortgage, as with a 1098, Form 1098-C is used by charitable organizations to report contributions of a qualified vehicle that has claimed a value of more than $500. The organization must file a separate Form 1098-C […]