The Eligibility Page within TaxBit’s Information Reporting Module is a powerful tool designed to streamline the process of identifying users eligible for various tax forms. This guide provides step-by-step instructions on how to use this feature effectively.
Accessing the Eligibility Page
1. Login to TaxBit: Enter your credentials to log in to the TaxBit Dashboard.
2. Navigate to the Information Reporting Module: This can be found in the main dashboard menu.
3. Select ‘Eligibility’: Located within the Information Reporting Module.
Using the Eligibility Page
The Eligibility Page is structured to provide a clear view of account owners who are eligible or not eligible for a given 1099 form, or other Information Reporting obligations (e.g. DAC7, CESOP, etc). Account owners, also commonly referred to as the Recipient, are eligible for US Tax Reporting if they are a US Person and have received payments over the specific form threshold, or received a type of payment that would trigger Form 1099 reporting.
1. Viewing Eligible Users:
- Filter and Search: Use filters, or search to surface specific users, or groups of users with common statuses.
- Table View: Shows a list of all accounts with relevant information such as their Eligibility Status, Account Validation Status, or form-specific counts (e.g. Income Earned).
2. Editing Eligible Users:
- Manual Override: You can remove or add a user to the Eligibility List, as needed. Providing you full control over which accounts should and should not move to Form Generation.
3. Export Functions:
- Export to CSV: Export the entire set of users, or filter the view down and only export the specific set of users you are interested in.
4. Warnings and Notifications:
- Form Generated for Ineligible User: If a form has been generated for a user who becomes ineligible due to updated data, a warning is displayed in the form of a banner across the top of the page. “A form has been generated for [X] users who are no longer eligible.”
- Demographic Information: The Eligible and Ineligible Accounts visuals at the top of the page provide a breakdown of complete and incomplete PII, exempt users, and non-US users. This level of detail is also available within the CSV exports.
- Key Transaction Details: View key counts per form type to get an overview of why these accounts are displaying as Eligible.
Troubleshooting and Support
- Common Issues: Refer to the FAQ section on the dashboard for solutions to common issues.
- Customer Support: For further assistance, contact TaxBit’s support team through the helpdesk available on the dashboard.
Q: What is the purpose of the Eligibility Page in TaxBit?
- The Eligibility Page is designed to clearly display which account owners, also referred to as Recipients, meet the criteria for specific 1099 forms or other Information Reporting obligations (e.g., DAC7, CESOP). A US Person becomes eligible for US Tax Reporting if their payments exceed the threshold for a particular form or if they receive payments that necessitate Form 1099 reporting.
Q: How long does Eligibility analysis take?
- Eligibility analysis processing takes approximately 1 hour to complete after ingestion of the data is successful.
Q: How does the Eligibility Page determine an account's eligibility for a Form 1099?
- .Eligibility is determined based on several factors such as the Form Type, recipient classification, thresholds (if applicable), and completeness of the personal and transaction data on file.
Q: What does “Account Validation” mean?
- "Account Validation" is our method of ensuring that all necessary recipient details are available and accurate for information reporting purposes. Specifically, for Form 1099, this process involves verifying that we have the recipient's full name, Taxpayer Identification Number (TIN), and address on file. Forms cannot be filed without having these pieces of information on file.
Q: Can I manually override an account's eligibility status?
- Yes, the Eligibility Page allows users to manually override an account's eligibility. This feature is useful in situations like internal accounts where a Form 1099 should not be filed.
Q: Is it possible to view and export details of eligible and ineligible accounts?
- Yes, the Eligibility Page provides options to view and export detailed information about both eligible and ineligible accounts, including reasons for ineligibility.
Q: Can I access historical transaction data for each account on the Eligibility Page?
- Yes, the page allows users to view historical and tax-year-specific transaction data for each account, aiding in the determination of eligibility.
Q: Is the Eligibility Page capable of handling accounts with incomplete PII?
- Yes, the page identifies accounts with incomplete PII and categorizes them accordingly, which is essential for ensuring compliance and accuracy in tax form generation.