What's New at E-File Magic
by Christopher Malott
2007 has been a busy year for us. We've been working hard to ensure you continue to receive the highest quality service, while maintaining a low out of pocket expense. With that, come a number of new developments within our company. I'll briefly summarize them as follows:
- As some of you have noticed, we recently changed our name from 1099Magic to E-File Magic. We felt this new name more accurately reflects our expanded service offerings and long term goals. We're the same company we've always been, just with a new name.
- In conjunction with our name change, we launched a completely redesigned website with content and serviceability of information in mind. You'll find an expanded support section with a variety of FAQ's, an online forum for posting questions and getting answers, online support request forms, and a multitude of other tools designed to help you when you need it. We encourage you to spend a few minutes looking around.
- Last but certainly not least, we recently released version 2007 of our FREE E-File Magic software application. Our completely redesigned software supports all 1098, 1099, 5498, and W-2G forms. You can even request Print and Mail services when transmitting your e-file order to us, and we'll print and mail your forms for you! You can download our software by visiting our Software Download Page.
Stay tuned for more updates. We look forward to earning your 2007 e-file business.
Advice from the Expert
by Sean Berry, CPA
An area the IRS continues to focus attention on is whether 1099-MISC forms are being appropriately written. 1099-MISC forms are only required to be written for those payments made in the course of your trade or business. This requirement is also for nonprofit organizations and government agencies. It's important for businesses to establish best practices that will help minimize the risk of penalty from the IRS when managing their payments to suppliers/vendors.
One of the initial best practices a business can implement is to require all new and existing suppliers/vendors to supply a completed W-9. A W-9 will help you interpret whether you will need to write a 1099 at year end, provide you with all the recipient information required to write a 1099, and help decipher whether you need hold funds back for Federal Withholding. A copy of the W-9 form can be retrieved by visiting our website. The form is easy for the supplier/vendor to fill out, and in the long run will save you valuable time.
Remember 1099-MISC forms are not necessarily a catch all for all reportable income. The IRS has 16 different types of 1099 forms, all of which have their own distinctive purpose. The 1099-MISC form is the most commonly used form and supports quite a few different types of reportable income. In anticipation of writing your 1099s it's important to familiarize yourself with the various types of 1099s, understand the type of income each report, and apply your circumstances to report on the correct 1099. The IRS does penalize those who don't report and/or provide inaccurate information on 1099s. E-File Magic is here to help you minimize this risk and streamline your year end reporting requirements. |
Who We Are:
E-File Magic / 1099Magic
is your complete 1098, 1099, 5498, and W-2G print, mail, and IRS e-file solution.
Did You Know ?
E-File Magic 2.0 allows you to attach your companies logo to the forms you print and mail.
When creating a new company/filer, simply click the 'Add Company Logo' button. Then browse to the location of your image, select it, and the software will embed the image within the database. You can now 'Preview' a printable form and you should see your logo above the address bar. *Make sure the logo you're adding is no larger than 200x30 pixels.
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