Say goodbye to Floppy A:
by TedOf course PayMaster has been able to create the MMREF / EFW2 format for years but this is a reminder to be sure you have an account at SSA.GOV as you won’t be able to send the feds a floppy this year.
Beginning Dec. 1, 2008, filers of 250 or more Forms 1042-S, 1098, 1099, 5498, 8027, or W-2G must file the forms electronically through the FIRE (File Information Returns Electronically) System. After that date, the IRS will no longer accept these returns on magnetic media .
The IRS notes the following advantages to filing electronically:
(1) It’s paperless; no need to file Form 4804, Transmittal of Information Returns Reported Magnetically.
(2) It’s secure (Secure Socket Layer (SSL) 128-bit encryption).
(3) Electronic filers receive an e-mail of file status results within one to two business days after filing.
(4) Electronic filing is easy to use and there is better customer service due to the online availability of the transmitter’s file.
(5) The due date for filing electronically is March 31st, rather than February 28th.
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