ROCK HILL, SC / ACCESSWIRE / September 20, 2023 / TaxBandits, a leading IRS-authorized e-file provider, is launching a new integration option with FreshBooks, a popular accounting software, ahead of the upcoming tax season. FreshBooks is widely used by business owners and accountants for managing invoices, expenses, payments to non-employees, and more.
This integration is a crucial tool for business owners and tax professionals who rely on FreshBooks for accounting, particularly when filing their annual Form 1099 in January.
TaxBandits simplifies IRS e-filing for businesses of all sizes and industries. Now, clients of FreshBooks can take advantage of this integration option, streamlining the process for filing these key information returns:
Form 1099-NEC is used to report all non-employee compensation to the IRS. Non-employee compensation refers to payments that a business makes to an independent contractor, freelance worker, or vendor. Form 1099-NEC must be filed with the IRS, and a copy must be distributed to the recipients of the payments.
TheForm 1099-MISC is used to report miscellaneous payments made by the business during the tax year to the IRS. Some examples of miscellaneous payments include but are not limited to rents, prizes, royalties of $10 or more, and fishing boat proceeds. In addition to reporting these payments to the IRS on 1099-MISC, the business must also furnish the recipient with a copy.
Benefits of the Freshbooks 1099 Integration Process
The most notable benefit of this integration option is its simplicity. All FreshBooks clients can start the process by creating a TaxBandits account and choosing to import their vendor's information using the integration. The vendor's information will be pulled from the ‘Billing' section of their FreshBooks account and used to generate Forms 1099-NEC and 1099-MISC either one at a time or in bulk. Once the 1099 forms are generated, all clients will need to do is review and transmit them to the IRS.
Streamlined, Year-end 1099 E-filing
In addition to the smooth process of importing and generating 1099-NEC and 1099-MISC forms, clients can also take advantage of TaxBandits advanced features for smooth and efficient filing. TaxBandits offers built-in audits using the IRS Business Rules to capture common filing errors before forms are transmitted to the IRS.
In addition to federal filing with the IRS, TaxBandits also supports filing with the required state agencies, allowing businesses to maintain compliance with their state. When it comes to distributing 1099 recipient copies, TaxBandits clients can choose Postal Mailing and/or Online Access services for a complete 1099 reporting solution.
When asked about the integration with FreshBooks, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises (TaxBandits' parent company), responded stating, "For our team the tax season is on the horizon and we are preparing to offer our clients the most streamlined filing process available. With excellent new additions like the 1099 integration with FreshBooks, we are continuing to expand our robust e-filing solution. With the addition of the FreshBooks to our pre-existing integrations with Sage Intacct, QuickBooks, and ZohoBooks, we have positioned ourselves as the market leader of simplified e-filing."
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of 1099, W2, Form 1095-C, Form 1095-B, 940,941, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
Additionally, software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add value for their clients 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 enable W-9 automation and automate 1099 filings efficiently within their software.
About SPAN Enterprises
Based in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software solutions for IRS e-filing and business management tools for over a decade.
The SPAN Enterprises portfolio of products includes TaxBandits, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For any media inquiries, please reach out to Stephanie Glanville, Content Writer at [email protected].