Accounting departments everywhere dread the mandatory tax form filing season that takes place at the beginning of each new calendar year. By the end of January, 1099's and W-2's among other forms must be sent to recipients while the additional 1096's and W3's must be filed with the IRS and Social Security Administration, respectively. With the re-introduction of the 1099-NEC in 2020, further complexity was inserted to ensure the correct forms are issued to consultants, to the IRS and to the State(s) where the work was performed. The 1099-NEC is not yet included in the IRS Combined Federal/State Filing Program, so it is up to the filer to make certain that copies of the forms are provided to the States where applicable.
Since the late 1980's, the threshold for filing tax forms electronically (by "magnetic media") versus paper has been set at 250 forms and up. So if you have 249 or fewer 1099's to file, you can stuff a box with paper forms and send them off to the IRS in the mail. Here in late 2021 with the end of the year upon us, the proposed threshold for e-filing has been reduced from 250 to 100 forms. While this number is not yet "official" as of the date of this article, many of our clients have already elected to e-file when far fewer than 250 forms are issued. Why not ditch the paper chase and file electronically when you have as few as 10 or so forms to file?
To streamline the upcoming tax filing season and to help ease the burden of printing and then stuffing envelopes with paper forms, we have teamed up with Greatland Corporation to integrate SYMPAQ with Yearli - a secure and all-inclusive e-filing cloud program that automates both your Federal and State tax form filings along with an option for the mailing of copies to your recipients. With an accounting interface that seamlessly uploads data to Yearli, the process of uploading is as simple as printing the forms would be otherwise. Yearli also provides the capability to manually input data where needed.
Whether you have 250, 25 or 5 forms to file this upcoming tax season, why not leave the filing chores to the specialists? While you must remain mindful of the deadlines in order to allow for enough lead time, when you can upload a file at the press of a button and know that your job is done, then the small cost associated with filing by Yearli is nothing more than an afterthought.
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