#1 Tax Year 2025: Prepare for Tax Reporting Season

Follow these steps to prepare for the tax year 2025 season if your organization utilizes Superior's Black solution.

NOTE: This page will be updated as we continue to prepare the Superior platform for tax year 2025. A training module will also be coming soon!

I. Confirm Your Tax Reporting Settings for Tax Year 2025

1. Navigate to the Tax Reporting page and click the Settings button.
2. Expand the Reporting Method Preferences section.
   1. If your organization will complete tax year 2025 reporting for a specific account type in-house or you do not support that account type:
      1. Ensure the toggle is disabled for that tax form type and click Continue to save your changes.
         
      2. Superior will not complete tax reporting for that form type.
   2. If Superior will complete your tax year 2025 reporting:
      1. Notify your data processor (if you haven't already) that Superior will send statements to recipients and information reporting to the IRS on your organization's behalf.
      2. Ensure the toggle is enabled for that tax form type.
         
      3. Select the reporting method you intend to use to submit the applicable data—Spreadsheet (Excel) or Tax File (IRS 750 Format)—and click Continue to save your changes.
         • Spreadsheet (Excel): Your organization will pull distribution and/or FMV/deposit spreadsheets from the Superior platform to review the current data listed in the platform and make updates accordingly.
           
           
         • Tax File (IRS 750 Format): Your organization will upload an IRS 750 formatted file to the Superior platform for the 1099 and/or 5498 series reporting and review/correct any mismatching values that may occur from that file upload.
           
           The guidelines for each record and file type for tax year 2025 are outlined here: TY 2025 Record Layout for IRS Files. They're also reflected in IRS Publication 1220.
           
           

II. Confirm Accuracy of Account Owner Data

1. Navigate to the Account Search page and click Export Accounts to download a list of your account owners.
2. Review the accuracy of your account owner data (i.e., name, address, SSN). 
   1. Update any data within the downloaded report and upload the changes under the Data Import>Update Owners page, or
   2. Update data individually under that owner's account in the Superior platform.

III. Verify Your Organization Settings

Navigate to the Organization Settings page and expand these sections to confirm the data is accurate. (Accessible to Site Administrators only.)

1. Organization Information: Review Legal Name and Federal Tax ID. (Contact Superior if you need to update the Legal Name.)
2. Branch Information: Review address and phone number of primary branch.
3. State Withholding and Reporting: Review the Tax IDs listing for states in which you support state withholding.