Account Ability has posted a FREE offer for 1098, 1099, 3921, 3922, 5498, W2G, W2 and W2C reporting software
As the 2011 reporting year approaches many tax professionals will be searching for software to prepare their information returns (1098, 1099, 3921, 3922, 5498, W2G) and annual wage reports (W2, W2C). Account Ability is a strong contender to consider.
- (1888PressRelease) July 28, 2011 - Account Ability Tax Form Preparation software, by Integrated Data Management Systems, Inc., prepares the entire family of information returns and annual wage reports electronically, on laser, inkjet and generic dot matrix printers. During the past 25 years more than 100,000 tax professionals have used Account Ability to file their information returns and annual wage reports.
Account Ability supports the entire family of information returns (1097-BTC, 1098, 1098-C, 1098-E, 1098-T, 1099-A, 1099-B, 1099-C, 1099-CAP, 1099-DIV, 1099-G, 1099-H, 1099-INT, 1099-K, 1099-LTC, 1099-MISC, 1099-OID, 1099-PATR, 1099-Q, 1099-R, 1099-S, 1099-SA, 3921, 3922, 5498, 5498-ESA, 5498-SA, W2G), annual wage reports (W2, W2C), and summary transmittals (1096, W3, W3C).
Account Ability is Section 6039 Compliant. As amended by Section 403 of the Tax Relief and Health Care Act of 2006, Section 6039 requires corporations to file an information return with the IRS, in addition to providing employees with an information statement, following a stock transfer. Account Ability complies with these amendments by including electronic and plain paper filing for Form 3921, Exercise of an Incentive Stock Option Under Section 422(b), and Form 3922, Transfer of Stock Acquired Through an Employee Stock Purchase Plan Under Section 423(c). The Import Mapping Utility facilitates the job of importing data from spreadsheets, delimited text files and data extractions from Equity Edge® by E*TRADE Financial Corporation.
Account Ability includes electronic filing of Information Returns (1099, 1098, 5498, 3921, 3922, W2G) and Annual Wage Reports (W2, W2C). Information Returns are easily uploaded to the IRS FIRE System; Annual Wage Reports to the SSA Business Services Online (SSA BSO). Transmitters of Information Returns are required to have a Transmitter Control Code (TCC) from IRS. If you don't already have a TCC, Account Ability can assist you in applying for one by preparing Form 4419, Application for Filing Information Returns Electronically. Submitters of Annual Wage Reports are required to have a User Identification Number (UID) from Social Security Administration. If you don't already have a UID, you can register for one online at SSA Business Services Online.
Account Ability includes IRS Bulk TIN Matching. The Internal Revenue Service's Taxpayer Identification Number (TIN) Matching Program was established for payers of Form 1099 income subject to the backup withholding provisions of section 3406(a)(1)(A) and (B) of the Internal Revenue Code. The Bulk TIN Matching process accepts electronic transmittals containing up to 100,000 name/TIN combinations for matching against the IRS name/TIN database. Account Ability creates electronic transmittals pursuant to IRS Pub. 2108A. Account Ability prepares forms W-9 (W-9S) for recipients (students) failing to match the IRS name/TIN database.
Account Ability includes a FREE Import Mapping Utility capable of converting any delimited (comma, tab, pipe) text file you create (say with Excel®, Access®, DBase®, Informix®, Oracle®, SQL, etc.) into a format compatible with Account Ability. Many accounting applications (e.g. Peachtree Accounting, Intuit QuickBooks, MAS90, Great Plains Software, etc.) are capable of exporting to spreadsheets and delimited text files. The Import Mapping Utility can be used to import these files into Account Ability.
Many of Account Ability's larger customers already have in-house systems capable of reporting their Information Returns and Annual Wage Reports electronically. What their in-house systems lack, however, is the ability to either process correction returns, generate recipient copies on laser, or electronically file at the State level. Account Ability can import the Pub. 1220 or EFW2 transmittal created by their in-house systems. Once imported, Account Ability can be used to overcome any of these deficiencies.
Account Ability complies with IRS Notice 2011-38, which extends and modifies IRS Notice 2009-93, which created a pilot program allowing filers of information returns to truncate an individual payee's nine digit identifying number (e.g. XXX-XX-1234). IRS Notice 2011-38 extends the pilot program as to paper payee statements furnished for calendar years 2011 and 2012. This notice also modifies the requirements announced in Notice 2009-93 by excluding Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, from the pilot program as it is an "acknowledgement" required by section 70(f)(12), rather than a payee statement.
If you prepare 1098 returns for cooperatives then you are going to love this feature. Each 1098 can track a payer's shares, period of occupancy, and percentage of maintenance paid. The Apportion selection on the 'File' menu of Form 1098 uses this information to compute each payer's share of the total interest, total amortization, total real estate tax, and total capital reserve fund for the cooperative.
Account Ability includes IRS Combined Federal/State Reporting of Information Returns. The Combined Federal/State Filing (CF/SF) program was established to facilitate the filing of Information Returns for the taxpayer. IRS/ECC-MTB will forward this information to participating states free of charge for approved filers. Separate reporting to those states is not required. The following Information Returns may be filed under the CF/SF program: 1099-DIV, 1099-G, 1099-INT, 1099-MISC, 1099-OID, 1099-PATR, 1099-R, and 5498. For more information on CF/SF, as well as a list of participating states, refer to the section on Combined Federal/State Filing in Part A of IRS Publication 1220. You will also find some informative questions and answers regarding Combined Federal/State Filing on Account Ability's FAQ page.
If you have never used Account Ability but would like to consider it for the 2011 reporting year you are encouraged to take advantage of this FREE offer. For complete details visit
http://www.idmsinc.com/Free_Offer.php
http://www.idmsinc.com
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