Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/200952
Reviews For Your Firm W-2/1099 PREPARATION SOFTWARE REVIEW SECTIONS BASIC SYSTEM FUNCTIONS • General Navigation/Ease-of-Use • Ease of Data Entry • Multi-Users (concurrent) • Client Management (on-screen management) • SaaS or hosted version available? REPORTING • Electronic fling capabilities (Federal, States) • Multi-state capabilities • Billing capabilities – Integration with time & billing application? – Automated invoice creation? • Forms supported • Savable formats (PDFs, etc.) • Pre-printed forms stock, blank paper? • Stuff and mail service • Overall client dashboard IMPORT CAPABILITIES • Import capabilities from major accounting systems • Import capabilities from common fle formats (CSV, Excel, XML, etc.) HELP/SUPPORT • Built-in support features • System updates • Support website/documentation • Live support Taija Jenkins, Associate Editor W-2 and 1099 Systems Help Accountants and Businesses Stay Compliant A nother year is coming to an end, which means tax and accounting professionals and their clients have to prepare for the annual process of yearend wage and information reporting. W-2 and 1099 forms must be fled no later than January 31, making sure recipients will receive their individual forms in time to prepare their personal tax returns. In addition to managing wages for regular employees and staf, businesses must also keep track of all monies paid to outside individuals and contractors. Tey are required to fle a 1099-MISC for every person they have paid at least $600 for services, prizes and awards, medical and healthcare payments or other income payments. Also, in addition to keeping track of money paid out, employers also need to stay informed of the latest updates and requirements for wage reporting. For many businesses, their ta x and accounting professional is available to answer these questions and more. In addition, many of the companies that make W-2/1099 preparation sofware are also determined to provide their customers with the necessary resources, tools and information needed to make the reporting process as simple and easy as possible. For example, under the Afordable Care Act, also known as ObamaCare, businesses are required to report the cost of health care coverage under an employer-sponsored group health plan. Tis requirement applies to businesses, tax-exempt organizations, and federal, state and local government entities, except for plans maintained primarily for members of the military and their families. Many of the products included in this year's review feature built-in electronic fling capabilities, service bureau print and mail options, data import and rollover options. Vendors that ofer printing and mailing services allow users to send copies of the completed forms to recipients without the hassle of dealing with stamps and envelopes. Other useful features include data accuracy checks and the ability to type directly onto a Advanced Micro Solutions 1099-ETC 2013 OVERALL RATING 4.75 26 formats BEST FIT Firms managing after-the-fact • Supports federal, state and local payroll, as well as quarterly and forms year-end information reporting for • Comprehensive e-filing and mailing options multiple businesses. POTENTIAL LIMITATIONS STRENGTHS • Imports from a variety of file • No time and billing integration November 2013 • www.CPAPracticeAdvisor.com standard form, ensuring the right information is entered in the right place. Each year, new products are released and old ones are revised, giving users countless possibilities. As with anything, the year-end wage and information reporting needs of each frm and their clients will vary from one to the next. Tax and accounting professionals and their clients should review any program before making a fnal selection to ensure the program has all of the features and capabilities they need to manage their process. As shown in this year's reviews, there's bound to be something for everyone. Tis year's review includes both traditional (installed) computer programs, as well as cloud-based solutions. You can read the full review of each of these systems on our website at www.CPAPracticeAdvisor. com/11188294. ● Read the full review and see expanded ratings for this product online at: www.CPAPracticeAdvisor.com/11190400 Payroll for $105. E-Filing Services SUMMARY & PRICING Te 1099-Etc base programs costs are also available, starting at $0.33 $75 per year with additional add- per return. ons available for a total cost of www.1099-etc.com $405. Additional add-ons include: Laser Generation Option for $75, E-Filing Direct Option for $105, Forms Filer Plus for $45 and AMS