Hey There, 2016 1098. You look Different!

As the years go by, things change.  And with change comes new learning experiences and getting used to new things.  The 2016 1098 is basically the same form, with just a few key changes to take note;

  • Box 2 Outstanding mortgage principal as of 1/1/2016 – please report the outstanding  mortgage principal on the 1098.
  • Box 7 Is address of property securing mortgage same as Payer’s/Borrower’s address? – this is a checkbox.  Check the box if the answer is Y and skip box 8. If the answer is no, then leave the box unchecked and fill in box 8.
  • Box 8 Address of property securing mortgage – Only fill this in if the check box in box 7 is left blank.

Something else that is very important to note about Form 1098 is Box 4 Refund of overpaid interest.  Many banks (Lender’s) feel this should be a negative number because it is something that is being refunded to the Borrower.  However,  the IRS will not except the number as a negative and must be sent as a positive number.  In all of my years working at E-File Magic this is the number one error I see with form 1098.

Please remember we are here to help! Please call or email us if you have any questions!

 

2016 Tax Year Deadlines

NEW IRS Deadlines:
Please note the IRS now has two e-Filing deadlines associated with 1099-MISC records.

  • 1099-MISC records with an amount in box 7 – e-Filing deadline is now January 31st, 2017.
  • 1099-MISC records without an amount in box 7 e –Filing deadline is March 31st, 2017.

E-File Magic Processing Deadlines:
To ensure compliance with IRS deadlines please “Release” your data by the following times and dates based on the services you are requesting.

  • Print, mail, and e-File services deadline – Release your data by 1:00pm PT, January 27th, 2017.
  • e-Filing services only deadline – Release your data by 8:00pm PT, January 31st, 2017.

The above E-File Magic  deadlines are to ensure compliance with IRS deadlines. As always, E-File Magic will continue to print, mail, and e-File as data is received after our deadline dates throughout the year.

2016 E-File Magic Software is Available Now!

E-File Magic is your complete 1042-S, 1099, 1098, 3921, 3922, 5498, and W-2G online filing solution – for print, mail, and e-File!
We are happy to announce the launch of the E-File Magic 2016 Software.
We’ve made many improvements this year  to help streamline your year end reporting requirements.
Here are a few highlights:
  • Improved TIN Matching Results Display and Export
  • Improved Order Status Display
  • Support for IRS specifications for tax year 2016
  • Minor feature enhancements and performance improvements
  • And Much More

Combined Federal/State Filing Program… What is it?

One of the top questions we get at E-File Magic is, “Do you file our forms to the state as well as to the IRS?”

Well, the answer is yes and no.  The IRS offers a combined filing program with some states in which they will forward the information we submit to the state.  But not all states participate in this service.  Below, you will see a list of states that participate in the combined filing program.  If the state you are looking forward is not listed, please refer to that particular state’s 1099 filing instructions.

  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Georgia
  • Hawaii
  • Idaho
  • Indiana
  • Kansas
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • South Carolina
  • Vermont
  • Virginia
  • Wisconsin

E-File Magic E-Delivery Service

So many of our clients are wondering, what exactly is E-File Magic’s E-Delivery Service.  Well, let me tell you all about it.

Our E-Delivery Service is a secure way to email your recipients their forms.  All you need to do is enter in the recipients email address into the proper field on the form and we will email it to them!

When they receive their email, your recipient will be given a randomly generated code and password.  They will need to click on the link in the email and when prompted enter in the last four digits of the Tax ID Number.

In the E-File Magic Application you will be able to access which one of your recipients has opened their form via email and which have not.

I hope this clears up this clears up how the E-File Magic E-Deliver Service works.  Happy filing!

 

 

 

Deadlines for Print and Mail

Where has the time gone?  I mean seriously, it seems like just a few days ago I was telling you’all about the E-File Magic Deadlines for 2014 filing year.

This year, the IRS 1099 mailing deadline is February 1st. Please, please, please have E-File by Excel orders to us by January 26th and E-File Magic Application orders by January 28th.  We will continue to process and mail your orders if submitted after these dates, but we cannot guarantee they will be sent out by the February 1st deadline.

And if you have questions PLEASE ask!! We are happy to help!  Give us a call or send us an E-File Magic Support Email.

2015 Form 1099-DIV

Form 1099-DIV is one of our best sellers at E-File Magic.  We help many companies produce this form every year.  But I have noticed that the current year instructions are becoming harder and harder to find.  The IRS is super efficient on updating the instructions for the next filing year (2016 Tax year).  So if you are frantically searching the web for the 2015 Form 1099-DIV Instructions, look no further.  We have them here for you to use. i1099div2015

 

Everyone is talking about how easy the E-File Magic Application is to use…. Have you tried it?