Real Business Solutions Releases 2024 IRS Tax Forms Filing Software

Real Business Solutions has announced the release of its 2024 IRS tax forms filing engine, integrated with their Payroll Mate desktop software. This update enables business owners and tax professionals to efficiently prepare and print IRS tax forms 940, 943, 944, and 941 in-house, reflecting the most recent IRS regulations and updates.

The software's release is particularly timely given several important changes for the 2024 tax year. Form 940 now includes increased credit reduction rates for California, New York, and the U.S. Virgin Islands, which will result in higher Federal Unemployment Tax Act (FUTA) taxes for employers in these states. For forms 943 and 944, the Social Security wage base limit has been raised to $168,600 for 2024, while Social Security and Medicare tax rates remain unchanged at 6.2% and 1.45% respectively for both employers and employees.

This software update is crucial for businesses and tax professionals as it helps streamline the complex process of year-end payroll tax filing. By incorporating the latest regulations, it reduces the risk of errors and minimizes the time required for preparing employment tax forms. The user-friendly interface of Payroll Mate makes it accessible for small and medium-sized businesses, as well as accounting professionals, to manage their payroll and tax obligations efficiently.

The importance of accurate and timely tax filing cannot be overstated, especially with the evolving tax landscape. For instance, the software notes that COVID-19-related credits for qualified sick and family leave wages can no longer be claimed on form 944, an important detail for businesses that may have relied on these credits in previous years.

As one of the first payroll software products to implement tax updates and new IRS regulations each year, Payroll Mate by Real Business Solutions plays a vital role in helping businesses stay compliant. With features such as automatic FUTA tax calculation, support for various pay periods, and the ability to handle both W2 and 1099 employees, the software addresses a wide range of payroll needs for different types of businesses.

The release of this updated tax filing software underscores the ongoing challenges businesses face in managing payroll and tax obligations. As tax regulations continue to evolve, having access to up-to-date, reliable software tools becomes increasingly critical for businesses of all sizes to maintain compliance and avoid costly errors in their tax filings.