5498 Series Forms Are Due to the IRS Today; Meet the Deadline With TaxBandits!
ROCK HILL, SC / ACCESSWIRE/ May 31, 2024 / Today marks another important IRS deadline for filing 5498 Series forms and distributing recipient copies as needed. This series of forms is an essential filing requirement for trustees and custodians of retirement accounts, health savings accounts, and certain educational savings accounts.
These custodians, typically financial institutions, are responsible for reporting the account contributions and other important information to the IRS. TaxBandits, an IRS-authorized e-file provider, offers a streamlined filing solution that helps alleviate the pressure of last-minute filing.
A Brief Overview of 5498 Series Forms
Form 5498: IRA Contribution Information
Form 5498 is filed by trustees or custodians of Individual Retirement Accounts (IRAs) to report contributions, including rollovers, conversions, recharacterizations, and the fair market value of the IRA account.
Form 5498-ESA: Coverdell ESA Contribution Information
Form 5498 ESA is used to report information about Coverdell Education Savings Accounts (ESAs), which are designed to help fund the educational expenses of the account's beneficiary. A custodian or trustee manages this type of account, which must initially be set up as a Coverdell Education Savings Account to be recognized by the IRS.
Form 5498-SA: HSA, Archer MSA, or Medicare Advantage MSA Information
Form 5498-SAis an IRS tax form used to report information about contributions made to various health savings accounts, such as Health Savings Accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Medicare Advantage Medical Savings Accounts (MA MSAs).
TaxBandits Smooth Last-Minute E-Filing:
TaxBandits understands the urgency of last-minute filings and offers tailored solutions to simplify the e-filing process and ensure compliance. Here's how TaxBandits can help efficiently e-file Forms 5498, 5498-SA, and 5498-ESA:
Ensuring Tax Compliance on Deadline Day: TaxBandits offers their clients a simple solution for maintaining compliance, even on deadline day. The TaxBandits e-filing process is designed to enhance filing accuracy, with built-in error checks using IRS Business Rules. Their Bulk Upload option allows clients to complete multiple forms at once, making last-minute filing possible.
Dedicated Customer Support: TaxBandits is committed to providing exceptional customer support for their clients, especially on and around deadlines like today. The team is well-versed in the filing process for the 5498 series of forms and is available for quick assistance via phone, email, and live chat.
Recipient Copy Distribution: To comply with IRS regulations, recipients must be provided with a copy of their 5498 Form. TaxBandits offers two options for this: Postal Mailing and Online Access services. Clients can choose to have TaxBandits print and mail copies to recipients or provide secure online access to the copies through the TaxBandits Portal.
TaxBandits PRO Features - Tailored Exclusively for Tax Professionals:
Client Management: To ensure a seamless and satisfying experience for clients, CPAs can leverage our customized client portal, dashboard, personalized email notifications, and branding options. TaxBandits streamlines the process of communicating with clients regarding their filing status and keeping them informed.
Staff Management: TaxBandits' comprehensive solution enables unlimited member additions, assignment of diverse responsibilities, management of access levels, task delegation, activity monitoring, and member classification based on their office location, especially in cases of multiple locations.
When asked about today's deadline, Agie Sundaram, CEO and co-founder of SPAN Enterprises (the parent company of TaxBandits), highlighted, "TaxBandits is dedicated to offering efficient solutions for last-minute filers, ensuring they can meet deadlines smoothly and securely. Our all-inclusive platform simplifies the e-filing process for Forms 5498, 5498-SA, and 5498-ESA. We provide dedicated customer support to assist our clients every step of the way."
TaxBandits is dedicated to continuously improving and upgrading the filing procedures for Form 5498, 5498-SA, and 5498-ESA. To take advantage of these enhancements, businesses and tax professionals can start filing at www.TaxBandits.com today by creating a free account.
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of Forms 1099, Form W-2, 1095, 940, 941, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
Software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add client value and expand monetization efforts. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms. Software providers can also use the developer-friendly 1099 API to request W-9s and automate 1099 filings efficiently.
About SPAN Enterprises
Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade.
The SPAN Enterprises Portfolio of products includes TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
Please direct all media inquiries to Stephanie Glanville, Marketing Manager, at stephanie@spanenterprises.com.
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SOURCE: TaxBandits
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