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In this issue:
- Have You Renewed Your Software, Forms, and Supplies?
- The Affordable Care Act: CFS Can Help
- Technical Support Options
- 940 Update Has Been Posted
- Some 2016 Programs Are Available Now
Have You Renewed Your Software, Forms, and Supplies?
If not, why not? Tax season is just around the corneródon't be caught unprepared. Furthermore, you may be eligible for a business expense deduction if you order by December 31st.
With your MyCFS account, it's easy to renew online. You can also use your MyCFS account to:
The Affordable Care Act: CFS Can Help
The passage of the Affordable Care Act has brought about major changes for tax professionals. In addition to understanding the complexities of the tax code, they are now also expected to understand the ACA, verify that clients are in compliance, determine whether they are eligible for a credit (or penalty) and, if they are, calculate the amount of that credit (or penalty).
Of course this means more work, but it also means an opportunity for more revenue. CFS can help you minimize the work and maximize the revenue with our easy-to-use and affordable software tools.
Both TaxTools and Small Business Tools contain the following modules to help you assist individuals and businesses in complying with the provisions of the ACA:
- Notice to Employee of Coverage Options for Employers with Health Insurance
- Notice to Employee of Coverage Options for Employers without Health Insurance
- Employer Mandated Coverage Penalty
- Individual Mandated Health Insurance Penalty
- Individual Premium Credit
- Small Business Health Care Tax Credit
CFS Payroll System (W2/1099, 941/940, LivePayroll) now contains ACA-mandated Forms 1094-B, 1095-B, 1094-C, and 1095-C. The forms were included as new modules in a recent program update, and can be found by selecting General Forms/Utilities from the Select Program to Display drop-down menu. The modules generate approved paper forms; at this time we are unable to provide electronic filing.
Finally, Tax Corresponder contains letters to inform your clients about the ACA and to let them know that you can assist them in complying with its provisions.
Technical Support Options
As we head into our busy season, remember that our toll-free number, (800) 343-1157, is only one of several ways you can obtain technical assistance. Others include:
- Frequently Asked Questions. Click the FAQ button under "Quick Links" on our home page to view a knowledge base containing detailed solutions to many common technical support issues.
- Instructional Videos. The Instructional Videos page is available from the Support menu at taxtools.com or from a link in the Help menu of most CFS programs. These brief videos can assist you with downloading and updating software and performing specific tasks in CFS programs.
- Online Chat. Click the Chat with Technical Support link on our home page to open a text-based chat session with a technical support representative. The service is available during normal business hours; at other times you will be given the option of e-mailing your question.
- Online Tech Support Request. Under the "Internet Options" menu of most of our programs, select "CFS Tech Support Request..." to fill in an online form detailing your problem. Your request will be answered by e-mail or phone within one business day. The Technical Support Request form can also be accessed from the Technical Support page of our web site.
940 Update Has Been Posted
A Payroll System update containing Form 940 was posted earlier this month. Payroll System users who have not already done so can download the update automatically from within 2015 Payroll System, or manually from the Payroll System Updates page on our web site. As always, we will mail an update CD to 941/940 and LivePayroll users who purchased update CD service.
Note: "For 2015, there are credit reduction states. If you paid any wages that are subject to the unemployment compensation laws of a credit reduction state, your credit against federal unemployment tax will be reduced based on the credit reduction rate for that credit reduction state. Use Schedule A (Form 940) to figure the credit reduction. For more information, see the Schedule A (Form 940) instructions or visit IRS.gov." (2015 Instructions for Form 940.)
Some 2016 Programs Are Available Now
Although the official release dates are in January (and CDs won't be mailed until then), we generally release several programs before the first of the year. TaxTools, Payroll System (941/940, LivePayroll, Payroll Corrector), W4 Calculator, and Tax Corresponder are usually posted for download by mid-December. If you have purchased one or more of the above programs and would like to get an early start installing them and entering data, click here for our download page.
If you have not yet purchased your 2016 software and would like to do so, click here to renew online.
Happy Holidays from CFS!
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