CORPUS CHRISTI, TX / ACCESSWIRE / April 3, 2024 / The e-file deadline for Affordable Care Act (ACA) and 1099 filings was Monday, April 1, 2024, for Tax Year 2023 filings. If you haven’t already filed and didn’t complete an extension, it’s imperative that you take immediate action to fulfill your filing requirements. Failure to do so may result in significant penalties.
Under new IRS regulations , all entities and individuals who have 10 or more forms in aggregate across all types (1099, W-2, ACA, etc.) are required to complete an electronic filing. This requirement aims to streamline the process and ensure accurate reporting.
Non-compliance with these regulations can lead to severe consequences, including hefty penalties. These penalties may be as follows for tax year 2023:
ACA Form Penalties
- Failure to file – $310 per form
- Failure to file electronically (when required) – $310 per form
1099 Series Penalties
- $60 per form if filed after the deadline but within 30 days
- $120 per form if filed 30 days after the deadline but before August 1
- $310 per form if filed after August 1 or not filed
These penalties can add up quickly. Therefore, it is crucial to prioritize filing and adhere to the electronic filing requirement promptly.
About BoomTax
Located in Corpus Christi, Texas, BoomTax excels as a leading provider of tax compliance services, crafted to enhance the efficiency of the reporting process for companies. Its platform, known for its ease of use, supports an array of forms, including the Form 1099 series ( move , DIV , INT , NEC ), W-2 , 1095-B , 1095-C and California Pay Data Reporting .
BoomTax is committed to assisting businesses in achieving their compliance goals with precision and ease through specialized solutions for these forms, combining the latest technology with superior customer support to streamline tax reporting for enterprises of every size.
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Ken Ham: [email protected]
SOURCE: BoomTax
