Miss the ACA E-filing Deadline?

Now that we’re almost halfway through July, the dust is finally starting to settle from the Affordable Care Act e-filing deadline that was June 30. If your return has come back with errors and you need to make corrections, ExpressIRSForms is the place to be. We’ve been on top of the ins and outs of ACA reporting since Day One.

Hm, what’s that? You haven’t filed yet at all?

Well, while we can’t really say that’s okay, there’s no need to start fretting over being late now. You may not be at the corrections stage like most filers, but ExpressIRSForms can still help!

First Off, There Are No Late Filing Penalties for the 2015 Tax Year
Although the IRS extended the actual deadlines for ACA Forms 1094 and 1095 (from March 31 to June 30) for the 2015 tax year, they realized there would still be many businesses that needed more time to power through the confusion of these new regulations and forms.

That’s why the IRS also announced earlier this year that if you can provide evidence that you made attempts to file on time but were delayed for whatever reason, they’ll forgive any late-filing fees you would have otherwise incurred. The big thing here though is that you still need to submit a completed (or as close to completed as possible) return to the IRS to show your good faith efforts.

Which is Where ExpressIRSForms Comes In
As an online, cloud-based program authorized by the IRS to e-file information returns, ExpressIRSForms is up, running, and able to be used anytime you need to access your account. That means that even weeks after a deadline, you can e-file your forms directly with the IRS. Additionally, our expert customer support team is available throughout the year, not just during tax season, to answer your questions from our base in Rock Hill, South Carolina.

To e-file your ACA Forms 1094 and 1095 with ExpressIRSForms, simply create an account on our website. From there, select the ACA forms option in the “Create New Forms” section. The program will then guide you through, step by step, until you’ve filed your return with the IRS.

If you have any questions or need help getting started, give us a call! We’re in the office Monday through Friday, 9:00 a.m. to 6:00 p.m. ET, where we’re available by live chat through www.ExpressIRSForms.com or at (704) 684-4751. Have a question after hours? We respond to questions sent via email 24/7! Just send a message to support@ExpressIRSForms.

Happy filing!

Read More »

1099 & W-2 Late Filing Penalties

Alright, guys, it’s time to get serious at ExpressIRSForms: if you haven’t filed your 1099s and/or W-2s for your payees and employees, they are officially late. At midnight on March 31, the 2015 tax year POOFED back into a pumpkin, and anyone left not having filed was too late to submit their returns without penalty.

So what, oh what, are these late filers to do?

E-file Your Returns ASAP
The most important thing now is getting your filing done as quickly and accurately as possible. Remember: if your forms get rejected for an error, you have to re-file them, making them even later. Also, remember that your penalty is determined by how long it takes you to file your returns (correctly). You’ll want to make sure you e-file; if you paper file your forms, the IRS will have to determine your penalty by the paper filing deadline (February 29, making them already over a month late) instead of the March 31 e-filing deadline.

Know What You’re Up Against
As we just said, the IRS determines your penalty based on when your forms are ultimately filed. This means that if you file

• within 30 days of the deadline, your penalty is $50 per form, not to exceed $532,000 a year ($186,000 for small businesses);
• after 30 days the due date but before August 1, your penalty is $100 per form, not to exceed $1,596,500 a year ($532,000 for small businesses); 
• after August 1, or not at all, your penalty is $260 per form, not to exceed $3,193,000 a year ($1,064,000 for small businesses).

Know the Exceptions to the Rule…
...but don’t count on them to keep your penalty amount zero. Most of the exceptions are at the discretion of the IRS, so it’s still best to file as soon as you can after the deadline. The IRS considers these three main exceptions when looking into late filing cases:

1. If you can show that the late filing (or non-filing) was due to events beyond your control, or due to significant mitigating factors rather than willful neglect, the IRS penalty will not apply.
2. Inconsequential errors or omissions that don’t prevent the IRS from processing the return aren’t considered failures to include correct information. Usually, these errors are related to a TIN, a payee’s/employee’s surname, and any money amounts.
3. De minimis rule for corrections. In other words, if your correction forms were filed after the deadline but before August 1 and were to correct forms you filed before the deadline. If you meet these conditions, the penalty won’t apply to 10 information returns, or ½ of 1% of the total forms, whichever is greater, for your filing.

Know Who to Call
Hint: it’s not Ghostbusters. Give up? It’s us! Our friendly, US-based support team is here all year long, not just during tax season, to help you with any post-March-31st-at-midnight issues or questions you have. Just send us a live chat or give us a call at (704) 839-2270, Monday through Friday, 9:00 a.m. to 6:00 p.m. EDT. You can also email us 24/7 at support@ExpressIRSForms.com!

Read More »