ROCK HILL, SC / ACCESSWIRE / May 26, 2022 / The deadline to file forms in the 5498 Forms is approaching on May 31, 2022. With TaxBandits, business entities that are required to file these forms can easily do so in plenty of time for the deadline.
This series of forms are used to report a number of different types of savings accounts. This includes but is not limited to Individual Retirement Arrangements (IRA), Health Savings Accounts (HSA), and Coverdell Education Savings Accounts (ESA). Any businesses that issue these accounts are required to file with the IRS and distribute copies of Forms 5498.
TaxBandits supports the following Forms 5498 for the 2021 tax year.
The standard Form 5498 is an IRS information return that is used to report information pertaining to Individual Retirement Arrangements (IRA). Trustees must report the activities of the account during the tax year. Most importantly are contributions to the IRA, but information on the Fair Market Value (FMV), Minimum Required Distributions (RMDs), rollovers, conversions, and recharacterizations must also be included.
This Form 5498-SA refers specifically to specific health savings plans. This includes the standard Health Savings Account (HSA), Archer Medical Savings Accounts (MSA), and the Medical Advantage MSA (MA MSA). Trustees of these accounts must report activities such as contributions to the account and rollovers that have occurred during the tax year.
Form 5498 ESA
Form 5498 ESA specifically reports information regarding Coverdell Education Savings Accounts. These accounts are created for the sole purpose of paying the qualified education expenses of the account's beneficiaries. Trustees of these accounts must report the contributions and rollover contributions.
In addition to IRS e-filing of these forms, TaxBandits offers postal mail and online access options for recipient copies. Helpful features such as bulk uploads, built-in error checks, and volume-based pricing streamline the process even further.
When asked for a comment on the upcoming deadline, CEO and Co-founder of SPAN Enterprises, Agie Sundaram stated, "TaxBandits offers a market-leading e-file solution for businesses that are required to file Forms 5498. With the help of our advanced features, volume-based pricing, and excellent customer support, our team is able to assist organizations of all sizes in meeting their deadline on May 31st."
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS authorized e-file provider of Forms 1099, W-2, 1095, 940, 941, and W-9, providing solutions for businesses, service providers, and tax professionals of every shape and size.
About SPAN Enterprises
SPAN Enterprises is the parent company of TaxBandits and a variety of other business management and e-filing applications. Located in the small city of Rock Hill, SC, SPAN Enterprises proves that big ideas grow in small towns.
With existing Business Management and E-filing Applications such as TruckLogics, ExpressTruckTax, and ExpressTaxExempt, SPAN Enterprises is at the forefront of innovative applications. Learn more at https://www.spanenterprises.com/.
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SOURCE: SPAN Enterprises
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