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Common mistakes made on Forms 1094-C and 1095-C — ACA reporting

BMT Office Administration

The IRS released Forms 1095-C and 1094-C for 2022 healthcare information reporting last week. These forms are required reporting under the Affordable Care Act for employers required to offer health insurance coverage. The instructions are still in draft form , however not much has changed from the 2021 reporting.

Forms 52
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Tax Planning for Freelancers: 5 Strategic Moves To Make Now To Avoid Tax Pain Next Year

Allwork

While the dust from the 2023 tax filing season has long since settled, if you are a freelance worker, independent contractor , or digital nomad, now isn’t the time to forget about your taxes. ” In this form of business, the freelancer is personally responsible for all aspects of the business, including its debts and legal obligations.

Legal 264
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The Perils Of Ignoring Sexual Harassment Training

Allwork

Currently, 36% of organizations do not provide any form of anti-harassment training, despite all the evidence that sexual harassment can seriously harm a company’s reputation (let alone the harm it causes to the victims). . As of 2021 , only 17 U.S. Sexual harassment at work can include bullying, coercion and unwanted physical contact.

Training 264
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5 things you should do now to prepare for year-end payroll reporting

BMT Office Administration

Plan for a lower mandatory e-filing threshold. We don’t yet know whether the IRS will issue final regulations dropping the mandatory e-filing threshold down to 100 or more information returns from 250 or more returns. You can be penalized for filing W-2s, 1099s, and 1095s on which you report incorrect Social Security numbers.

Payroll 52
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8 tips for completing your first-quarter 941

BMT Office Administration

Your first-quarter Form 941 is due Monday, May 2. So you have two more days to ensure your form is correct (yay!). Ensure the EIN you enter on the form exactly matches the EIN the IRS assigned to your business. You can’t use your Social Security number on Form 941. A valid EIN is required if you’re e-filing.

2021 52
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4 Smart Money Moves to Plan for Financial Security

Success

If you’ve taken any kind of personal finance course, you probably know about the importance of an emergency fund to your overall financial health. The recommended emergency fund amount to save for is three to five months of living expenses (think rent, utilities, phone bills, and so forth) in some form of cash.

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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. A 1099 is a form used to report non- employee compensation. What is a W-2?

Payroll 52