Real Business Solutions Releases 2024 IRS Tax Forms Filing Software for Small Businesses

Real Business Solutions, a leading provider of tax software solutions, has announced the release of its 2024 IRS tax forms filing engine, integrated with their Payroll Mate desktop payroll software. This update enables business owners and tax professionals to easily populate and print IRS tax forms 940, 943, 944, and 941 in-house, potentially streamlining the tax filing process for small and medium-sized businesses across the nation.

The newly released software incorporates the latest IRS regulations and updates, reflecting important changes for the 2024 tax year. Notably, Form 940 includes increased credit reduction rates for California and New York (both at 0.9%) and the U.S. Virgin Islands (4.2%), which will result in higher Federal Unemployment Tax Act (FUTA) taxes for employers in these states. For Forms 943 and 944, the Social Security wage base limit has been raised to $168,600 for 2024, while Social Security and Medicare tax rates remain unchanged at 6.2% and 1.45% respectively for both employers and employees.

This software release is particularly significant for small business owners and accountants who manage payroll internally. By providing an up-to-date, user-friendly interface for preparing employment tax forms, Real Business Solutions aims to reduce the risk of errors and minimize the time spent on tax preparation. This could lead to improved efficiency and potentially lower costs for businesses that choose to handle their payroll and tax filing in-house rather than outsourcing these tasks.

The Payroll Mate software offers a comprehensive suite of features designed to address the needs of small and medium-sized businesses. It supports various payroll forms, including the widely used 941, 940, 943, 944, W-2, and W-3, as well as some state forms. The software can handle both W2 employees and 1099 contractors, calculate additional income based on mileage or piecework, and generate detailed reports such as payroll journals and tax liabilities.

One of the key advantages of this software is its ability to adapt to different business needs. The customizable income, tax, and deduction categories make it suitable for a variety of industries. Additionally, the software's capability to export payroll checks as journal entries to QuickBooks and other accounting products could be particularly valuable for businesses looking to integrate their payroll and accounting systems.

The release of this updated tax filing software comes at a crucial time, as businesses prepare for the upcoming tax season. With the Form 940 filing deadline set for January 31, 2025 (or February 10, 2025, for employers who deposited all FUTA tax when due), having reliable and up-to-date software could be essential for timely and accurate filing.

As tax regulations continue to evolve, the availability of regularly updated tax preparation software becomes increasingly important for businesses of all sizes. This release from Real Business Solutions represents a step towards simplifying the complex world of payroll taxes and employment forms for small and medium-sized businesses, potentially saving them time and resources in the process.