1099 Pro, Inc.

The IRS grants relief to Form 5498, 5498-ESA, & 5498-SA and certain Form 941 & 943 Filers! The IRS has posted https://www.irs.gov/pub/irs-drop/n-20-35.pdf that grants relief to filers of the certain form types. Form 5498, 5498-ESA, & 5498-SA filers now have until August 31, 2020 to file their forms with the IRS and furnish the form to the their recipients. CPEOs can now file forms 941/943 and all accompanying schedules on paper for the second, third, and fourth quarter of 2020. The requirements to file forms 941/943 electronically have been waived.

Illinois (IL) has a new quarterly reporting requirement where the underlying tax record data must be reported along with the quarterly IL-941. It is expected to impact anyone who performs state withholding in IL. We are working hard towards integrating this new IL Schedule P quarterly reporting format into our Corporate Suite software and coming out with a software release before month end (to meet the requirement)! https://www2.illinois.gov//t/Documents/Schedule-P-News.pdf

The California (CA) Franchise Tax Board (FTB) has issued an automatic extension for payments and reporting of forms related to the 592 series (i.e 592-B) forms. The original deadline of April 15, 2020 has been extended to July 15, 2020 (same deadline as Q2). For more information, please see the CA FTB website - https://www.ftb.ca.gov//covid-/extensions-to-file-pay.html.

IRS Extends TY2019 FATCA Reporting Deadline! The filing deadline for a Reporting Model 2 FFI or Participating FFI to file its FATCA 8966 Report is extended to July 15, 2020; previously it was March 31, 2020. https://www.irs.gov//frequently-asked-questions-faqs-fatca

The New Jersey (NJ) state filing deadline, for reporting ACA 1095 forms directly to the state, has been postponed until May 15, 2020. The previous deadline was March 31, 2020 but has been postponed due to hardships related to the Coronavirus.