Tax Software Made for Universities, Colleges, & Schools

The IRS mandates the education sector to e-file various tax-related documents, ensuring compliance with federal regulations. The mandate includes but it not limited to the Affordable Care Act, Information Returns, and W-2 filing types.

Proven Expertise in Education Sector Partnerships

In our extensive experience working with educational institutions, we have established a reputable track record of successful collaborations with both school boards and universities. These partnerships have been founded on our commitment to addressing the unique needs of educational organizations. Our tailored solutions have supported these institutions in navigating the complexities of IRS regulations for educational administration. Let Boomtax utilize its advanced software and best practices to achieve education sector goals.

Multi-User Support for Board of Education

• Multi-User Collaboration: Allows school districts to collaboratively manage tax filings with smaller districts, streamlining the process.
• Divide Workload: Central teams can initiate filings, setting up the basic census data, before handing off to district teams for individual information.
• Optimized Workflow: Enables specialization and division of labor, improving the accuracy and efficiency of tax submissions.
• Seamless Handoff Process: Ensures a smooth transition between the central team and local boards, with clear guidelines to prevent oversight.

BoomTax Can Work With Purchase Orders

Our service accommodates the unique financial processes of school districts and universities by accepting Purchase Orders (POs), making transactions more straightforward and more aligned with schools' budgetary and procurement practices. This key feature enables schools to access our services more efficiently, facilitating compliance and administrative tasks without the immediate need for direct payment. By offering this flexibility, we aim to support schools in effectively managing their resources and their operational capabilities.

Navigating 1099 Forms for University Contractors

Navigating the complexities of 1099 forms for contractors presents a significant administrative task for school districts and universities to understand IRS requirements. Engaging with contractors, whether for construction projects, specialized educational services, or temporary administrative support, requires accurate and timely reporting to ensure compliance with tax regulations.

E-filing offers an efficient and streamlined solution, simplifying the process of managing 1099 forms. By leveraging electronic filing, schools can significantly reduce the potential for errors, ensure the security of sensitive information, and meet filing deadlines with greater ease. Furthermore, e-filing facilitates immediate submission confirmation from the IRS, providing peace of mind and freeing up valuable administrative resources. For school districts and boards looking to enhance their operational efficiency and maintain compliance with IRS regulations, adopting an e-filing system for 1099 forms is not just a strategic move—it's an essential step forward.

Try our interactive Contractor vs Employee questionnaire to make sure the correct form is being used in the correct situation.

Handling Employee W-2s and Payroll Taxes

Handling W-2 forms for school employees, including teachers, administrative staff, and part-time workers, is a crucial task. E-filing is an easy solution tool to streamline this process, offering a more efficient way to manage payroll taxes and ensure compliance with IRS regulations.

By utilizing an e-file provider, school boards can significantly reduce errors commonly associated with manual data entry. This electronic system automates calculations, verifies information for accuracy, and ensures that data is consistently formatted according to IRS standards.

Try our interactive Contractor vs Employee questionnaire to make sure the correct form is being used in the correct situation.

State-Specific Filing Requirements

California

School districts in California must comply with the California Health Benefit Exchange, which mandates reporting of health coverage information. This requirement means that, in addition to federal ACA reporting, schools must submit information similar to the federal requirement to California. The aim is to verify that all employees and their dependents have access to qualifying health coverage.

New Jersey

New Jersey's Health Insurance Market Preservation Act requires employers, including educational agencies, to report health coverage information to the state of New Jersey. This mirrors federal ACA reporting requirements and is designed to help the state enforce its individual health insurance mandate. Schools and universities must ensure that they report to the IRS and the New Jersey Division of Taxation, providing detailed health coverage information for all their employees.

Rhode Island

Rhode Island also has its own health coverage reporting requirements, which are aligned with the federal ACA mandates. All educational sectors in Rhode Island must submit annual reports on the health coverage offered to their employees. This state-level reporting is crucial for enforcing Rhode Island's individual health insurance mandate and requires careful attention to ensure compliance with both federal and state regulations.

Efficiency and Speed of E-filing

E-filing significantly improves the speed of tax document processing for the Board of Education. Unlike traditional paper filing, electronic submissions are processed quicker, resulting in faster IRS confirmation. This rapid turnaround is crucial for schools and universities to stay compliant and manage their financial reporting in real time.

 For the tax year 2023, the IRS e-file threshold is only ten forms, effectively making e-filing a requirement for most institutions.

Multi-Employer Excel Import

Our system is engineered to easily handle the complexities of managing multiple employers. With just a single Excel file, you can import data for multiple Employer Identification Numbers (EINs) simultaneously. Our software easily handles separating each school or university and its recipients into distinct filings. This smart filtering ensures accuracy and compliance across all submissions without the manual hassle.

To get started the process is very straightforward: Drag, Drop, & Done! This intuitive design is tailored for maximum convenience, allowing educational professionals to manage multiple employer filings in one seamless action. Our software saves you significant time and minimizes the potential for errors that can occur with manual data entry and processing. By consolidating this multi-employer upload into a single step, we allow professionals to focus on more strategic aspects. This feature benefits tax preparers and school departments dealing with bulk processing, offering a streamlined, error-free approach to managing a diverse client base.

Our Commitment to Data Security in E-filing

Our data centers, printing facility, and helpdesk are all HIPAA compliant, and all activity on the platform is automatically audited, monitored, and logged to fend off intrusions actively. All data received on the BoomTax platform is encrypted at every junction. From transport to encryption at rest for private blob stores (256-bit AES encryption) to database and row-level encryption in SQL Azure, we make sure your company's data and information are safe.

Social Security numbers are masked in our UI. They are also masked in employee printouts by default (as suggested by the IRS). We don't store any billing details in our system, as this is handled through a 3rd party merchant service. We will only ask for what is necessary to complete your filing. This keeps the surface area for a potential attack minor and limits the fallout in the unlikely event of a breach. As a dedicated serverless Azure IaaS consumer, we also benefit from Microsoft's security posture as our resources are compliant with a myriad of security controls (including SOC-2).

How can Schools and Universities Submit Forms with BoomTax?

BoomTax will streamline your filing process in 3 simple steps!

Watch Our 90-Second Demo