Real Time Communications Industry News

TMCNet:  Account Ability Now Offers 1099 and W-2 Compliance Solutions to Small and Medium Size Businesses

[December 29, 2012]

Account Ability Now Offers 1099 and W-2 Compliance Solutions to Small and Medium Size Businesses

Melville, NY, Dec 29, 2012 ( via COMTEX) -- Account Ability includes electronic reporting, plain paper filing and bulk taxpayer identification number (TIN) matching for the entire family of information returns (1098, 1099, 3921, 3922, 5498, W-2G) and annual wage reports (W-2, W-2C). Account Ability complies with IRS Publication 1220, SSA EFW2/EFW2C reporting specifications and sections 6039, 6050W of the Internal Revenue Code.

Account Ability is a robust network ready software package which, together with its entire database, resides on your computer, not that of some online service. Therefore, users can enter as many returns as desired without ever incurring extra charges, as is common with most online processing systems.

Recipient returns are either typed into windows that resemble actual tax forms or imported from spreadsheets, IRS/SSA compliant transmittals and delimited text files. Account Ability's Import Mapping Utility, which is included for free, facilitates the job of converting delimited text files to a format compatible with Account Ability.

Recipient copies can be printed on ordinary copy paper, preprinted forms, pressure seal forms, or electronically delivered using Account Ability's innovative FileCabinet(TM) eDelivery Software. Account Ability also offers an optional Print and Mail Service to help eliminate the headaches associated with the once-a-year bulk print job required for tax compliance.

Account Ability is in a class of its own. What sets Account Ability apart from any of its counterparts is its wealth of online help, ease of use, excellent technical support, low price and inclusion of all of the following returns: Form 1098 - Mortgage Interest Form Form 1098-E - Student Loan Interest Statement Form 1098-T - Tuition Statement Form 1098-C - Contributions of Motor Vehicles, Boats, and Airplanes Form 1099-A - Acquisition or Abandonment of Secured Property Form 1099-B - Proceeds from Broker and Barter Exchange Transactions Form 1099-C - Cancellation of Debt Form 1099-CAP - Changes in Corporate Control and Capital Structure Form 1099-DIV - Dividends and Distributions Form 1099-G - Certain Government Payments Form 1099-H - Health Coverage Tax Credit (HCTC) Advance Payments Form 1099-INT - Interest Income Form 1099-K - Merchant Card and Third Party Network Payments Form 1099-LTC - Long-Term Care and Accelerated Death Benefits Form 1099-MISC - Miscellaneous Income Form 1099-OID - Original Issue Discount Form 1099-PATR - Taxable Distributions Received From Cooperatives Form 1099-Q - Payments From Qualified Education Programs Form 1099-R - Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

Form 1099-S - Proceeds From Real Estate Transactions Form 1099-SA - Distributions From an HSA, Archer MSA, or Medicare Advantage MSA Form 3921 - Exercise of an Incentive Stock Option Under Section 422(b) Form 3922 - Transfer of Stock Acquired Through an Employee Stock Purchase Plan Under Section 423(c) Form 5498 - IRA Contribution Information Form 5498-ESA - Coverdell ESA Contribution Information Form 5498-SA - HSA, Archer MSA, or Medicare Advantage MSA Information Form W-2G - Certain Gambling Winnings Form W-2 - Wage and Tax Statement Form W-2C - Corrected Wage and Tax Statement Peter Lovitz of had this to say: "I would just like to say this is one of the best software applications that I have ever worked with and highly recommend." About IDMS: During the past 25 years, more than 100,000 tax professionals have used Account Ability to file their information returns (1098, 1099, 3921, 3922, 5498, W-2G) and annual wage reports (W-2, W-2C).

As its motto states: "We are known by the companies we keep." Its client roster includes: American Express; University of Notre Dame; Sunsweet; New York State Comptroller's Office; Salvation Army; Virgin Atlantic; Lockheed Martin; Northrop Grumman; D.F.A.S.; NAACP; and many more.

Related Links: Account Ability Features and Highlights Electronic Reporting Module Bulk TIN Matching Electronic Delivery Screen Shots and Sample Output Testimonials Watch our 2 minute presentation on YouTube to learn more about Account Ability v=Rr5LCK2TW5Q Read the full story at

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