For General Release - July 2015
At Magtax, we’ve been providing affordable information
return reporting solutions for 30 years. Our goal has been
to provide tools that keep costs to a minimum using
available services with no per-form fees – and – for our
flagship product Magtax we fully intend to keep it that way.
In the last year the burden of information reporting for
businesses has increased considerably. In order to better
address the needs of users we are dividing Magtax into 2
products and we are introducing 1 new product.
Magtax Standard and Magtax Professional - Supports all the
same forms as before except the 1042-S/T.
MagtaxFR - Foreign Reporting of Forms 1042-S and 1042-T.
MagtaxACA – Affordable Care Act forms 1094/1095 series.
The 1042 series forms have been separated from our core
Magtax product because we have found that 1042 users and
1099/W2 users have been mostly 2 different groups.
Simplifying both products will improve ease of use and ease
of support since they can have their own release schedules.
Because the 1042 series forms have been included as part of
Magtax Professional Edition, users of Magtax Professional
for 2014 may obtain a copy of MagtaxFR 2015 at no cost when
they purchase their annual update of Magtax Professional
2015 during the early renewal period. After that MagtaxFR is
available at a discount.
While Magtax and MagtaxFR users can file their returns
directly with the agencies with no per-form cost, that may
not be the case with MagtaxACA. The Affordable Care Act
filing process is similar to payroll reports such as the 940
and 941 in which a select group of vendors were designated
by the IRS for processing this data. For ACA filing the IRS
has a more open approach but may still require indirect
filing. We are working on the best possible and least
costly solution to accomplish this.
Magtax Standard and Magtax Professional will be available
MagtaxFR and Magtax ACA are planned for October release.
Early renewal discounts will start July 20th through the end
See the early renewal page here.