Real Business Solutions has unveiled its 2024 version of W2 Mate, a comprehensive 1099 electronic filing software designed for accounting firms and CPAs. This release comes at a crucial time as businesses prepare for the upcoming tax season, with the software offering support for both the IRS FIRE system and the new IRIS platform.
The updated W2 Mate software addresses the growing demand for efficient electronic filing solutions, especially as the IRS mandates e-filing for businesses submitting 10 or more returns. Notably, the software does not impose limitations on the number of recipients, filers, companies, EINs, forms, or e-filing submissions, providing flexibility for firms of various sizes.
One of the key features of the 2024 version is its compatibility with multiple state filing systems, supporting e-filing with the federal government and states participating in combined federal and state filing programs. This broad coverage includes 33 states and the District of Columbia, potentially simplifying the filing process for businesses operating across multiple jurisdictions.
The software's data import capabilities allow users to easily transfer 1099 tax data from popular accounting software such as QuickBooks, Sage Peachtree, and Microsoft Dynamics, as well as from Excel spreadsheets. This feature could significantly reduce data entry time and errors for accounting professionals.
As businesses face approaching deadlines for various 1099 forms in early 2025, the release of this updated software is timely. Form 1099-NEC is due by January 31, 2025, while other forms like 1099-MISC, 1099-INT, 1099-DIV, and 1099-R have deadlines in February and March, depending on the filing method.
The introduction of secure PDF generation for 1099s and W2s is another notable feature, allowing for email distribution to consenting employees. This capability aligns with the growing trend towards paperless operations and could offer cost savings and improved efficiency for businesses.
As tax reporting requirements continue to evolve, software solutions like W2 Mate play an increasingly important role in helping businesses and tax professionals meet their obligations efficiently and accurately. The release of this updated software underscores the ongoing digitalization of tax reporting processes and the need for robust, adaptable tools in the accounting industry.
