Additional Tax form Services
SPS/GZ offers truly comprehensive tax form reporting services. Our strategy is simple, yet effective. We use certified and knowledgeable professionals who have experience with complex tax form reporting issues and understand the requirements for each form type. We follow a diagnostic review process to help clients identify costly errors BEFORE the forms are mailed to recipients and electronically filed with the IRS. We use state-of-the-art technology that performs completeness and logic reviews and allows for easy form review, corrections and approval by clients, as well as electronic archiving of forms for 7+ years.
As part of our best practices policies and procedures, SPS/GZ completes a service for checking the accuracy of Taxpayer Identification Numbers (“TIN”). This is called TIN-Matching. SPS/GZ completes this service in advance of the tax reporting season. Below are the basics and benefits of TIN-Matching:
- SPS/GZ provides a basic Excel template with just a few data points, including taxpayer name (for an individual or for a business) and taxpayer identification number (either Social Security Number (“SSN”) or Employer Identification Number (“EIN”).
- SPS/GZ formats the data and then submits it to the IRS. The IRS sends codes back for each Name-TIN combination indicating whether the information matches, does not match or if the TIN does not exist in their system.
- Clients have the ability to research and correct mismatched TIN/Name combinations in advance of the mailing/filing tax season
- This saves clients costly time and reduces exposure to penalties.
- Since the IRS is moving toward a front-end check of TINs upon filing, this procedure will continue to become more essential for all tax reporting clients.
- TIN-Matching can be completed multiple times throughout the year to ensure the most accurate data records for clients.
SPS/GZ offers full tax form reporting services for the following tax forms:
Form 1098, Mortgage Interest Statement is an IRS tax form used to report mortgage interest of $600 or more paid to a lender for a mortgage.
A Form 1098-T is a Tuition Statement issued to a student each tax year by an eligible educational institution such as a college or university. The form is an informational document that identifies student tuition or educational expenses that can be used in conjunction with what the Internal Revenue Service terms the “American Opportunity Credit”.
1098-E - Form 1098-E Student Loan Interest Statement shows the amount of interest you paid on your eligible student loans during the previous tax year. You may be able to deduct interest paid on your federal tax return, which could reduce your taxable income.
5498 - Form 5498 reports your total annual contributions to an IRA account and identifies the type of retirement account you have, such as a traditional IRA, Roth IRA, SEP IRA or SIMPLE IRA. Form 5498 will also report amounts that you roll over or transfer from other types of retirement accounts into this IRA. When you claim a deduction for your IRA contributions, you should reference the amounts on the Form 5498.
In addition to the above listed forms, we also process IRS tax forms:
1095-C, 1094-C, 1095-B, 1094-B, 3921, 3922 & various 1099's