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Business Tax News & Events

Visit here often for the latest industry news and information concerning tax related events.

CA Extends TY2020 ACA Reporting Deadline!
Compliance Update
California (CA) has recently extended their ACA 1094/1095 reporting deadline to May 31st, 2021! Due to an extreme reporting volume, along with the ACA state reporting being brand new, California (CA) has pushed back their reporting deadline from M...
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IRS Lowers 1099-K Thresholds for TY2021
Compliance Update
Payment Settlement Entities should prepare for major changes to Form 1099-K Payment Card and Third Party Network Transactions Reporting. Under the new American Rescue Act, if a digital platform participant receives $600 or more in aggregate payments ...
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Service Bureau - 1099-NEC State Direct Reporting
Compliance Update
1099 Pro is proud to announce that the 1099 Pro Service Bureau will be providing an add-on feature where clients can outsource their 1099-NEC state direct reporting to 1099 Pro! The Backstory:As many customers know, the IRS did not include in the ne...
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ACA 1095 Compliance Update for TY2020
Compliance Update
The IRS has just released their finalized 1094-B, 1094-C, 1095-B, and 1095-C instructions and tax forms for Tax Year 2020! There were quite a few changes this year, including an extended print & mail deadline, so please read carefully. Extended P...
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IRS & SSA Compliance Updates for TY2020
Compliance Update
What a year! While you've been juggling remote work and your kid's remote school, we've been completing 2020 IRS/SSA changes in our award-winning software products. Changes are happening this tax season and Team 1099 Pro wants you to be in the know! ...
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IL - Schedule P Quarterly Filing
Compliance Update
Illinois (IL) has a new quarterly reporting requirement where the underlying tax record data must be reported along with the quarterly IL-941. It is expected to impact anyone who performs state withholding in IL. We are working hard towards integ...
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CA FTB - 592 Q1 Reporting Extension
Compliance Update
The California (CA) Franchise Tax Board (FTB) has issued an automatic extension for payments and reporting of forms related to the 592 series (i.e 592-B) forms. The original deadline of April 15, 2020 has been extended to July 15, 2020 (same deadl...
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IRS Extends TY2019 FATCA Reporting Deadline
Compliance Update
The filing deadline for a Reporting Model 2 FFI or Participating FFI to file its FATCA 8966 Report is extended to July 15, 2020; previously it was March 31, 2020. Excerpt from the IRS Update: Q4. Due to the COVID-19 virus, will foreign financial...
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