Krumm & Associates C.P.A.'s list of clients that utilize our magnetic media filing services reads like a who's who of national businesses. These clients range from the small "Mom & Pop" business to Fortune 500 companies. While these entities are diverse in size and industry, they do share something in common; each of these companies opted to out source their magnetic filing needs to Krumm & Associates C.P.A.'s because it is the most cost effective answer to the government filing requirements.
The requirements to file electronically or magnetically depend on the type of information returns you must file.
Any person, including a corporation, partnership, employer, estate and trust, who files 250 or more information returns of any Forms 1042-S, 1098, 1099, 5498, 8027, W-2 and W-2G for any calendar year, must file these returns electronically or magnetically. This requirement applies separately for each type of form. All requirements apply separately to both original and corrected forms.
TIP: The IRS encourages you to file electronically or on magnetic media even though you are filing fewer than 250 returns.
Krumm & Associates expertise in tax and technology, coupled with years of magnetic media filing experience allows us to work with our clients to guarantee a cost vs. benefit advantage when out sourcing their magnetic media filing requirements to our firm. Free of charge, Krumm & Associates will analyze your current record keeping methods and determine the most efficient means of collecting your data. Regardless if you currently track this information on paper, or software (spreadsheet, accounting, word processor or custom) we can help.