What Is IRS Form 8955-SSA and Who Must File It?
If you sponsor or administer a retirement plan, you may be required to file IRS Form 8955-SSA, but many plan sponsors don’t realize they need to. Form 8955-SSA plays a unique role in helping former employees receive the retirement benefits they’ve earned—even years after leaving a company. In this article, we’ll explain what the form […]
Form 1095-C Line 14 Codes: Understanding Offer of Coverage Indicators
Employers subject to the Affordable Care Act (ACA) are required to file Form 1095-C to report the health insurance coverage they offered to full-time employees. One of the most important (and often confusing) parts of the form is Line 14, where employers indicate what type of health coverage, if any, was offered each month of […]
Real Estate Professionals: Navigating 1099-S Reporting Requirements
If you’re involved in real estate transactions—whether as a broker, title company, attorney, or closing agent—you may be responsible for filing IRS Form 1099-S, Proceeds From Real Estate Transactions. But knowing when to file, what to report, and how to stay compliant can be tricky. This guide breaks down the essentials of Form 1099-S for […]
Form 1099-Q: Understanding Education Savings Plan Distributions
Paying for education is expensive, but thankfully, certain tax-advantaged savings plans can help. If you’ve contributed to or used a 529 Plan or a Coverdell Education Savings Account (ESA), chances are you’ll receive IRS Form 1099-Q. But what is this form, and how does it impact your taxes? Let’s break it down. What Is Form […]
You have identified your file as a correction; however, the data is not coded with a ‘G’ or ‘C’ in position 6 of the ‘B’ record(s).
❌ The Error “You have identified your file as a correction; however, the data is not coded with a ‘G’ or ‘C’ in position 6 of the ‘B’ record(s).” What It Means When submitting corrections through the IRS FIRE, you must indicate both: That the file is a correction, and That the individual records (in […]
Application Process for a FIRE TCC
Step 1: Create an IRS E-Services Account Before applying, you must register with IRS E-Services: Visit: https://www.irs.gov/e-services Create a Secure Access account Complete identity verification (you’ll need photo ID, financial records, and a mobile device) Step 2: Submit the E-File Application Once your E-Services account is active: Log into E-Services Choose “Application for TCC” Select […]