Filing Form 1099 Series Returns Just Got Easier! ππΌ
Attention Business Taxpayers! The IRS has introduced a new, free electronic filing system for Form 1099 series information returns, known as the IRIS (Information Returns Intake System). Hereβs what you need to know:
π IRIS Features:
Available for Tax Year 2022 and Onwards: Any business, regardless of size, can use IRIS.
No Special Software Needed: IRIS is secure, accurate, and reduces the need for paper forms.
Functions Include: Data entry/upload, downloading completed forms, submitting extensions, making corrections, receiving alerts, and confirmation within 48 hours.
Cost-Effective: Saves on paper, postage, and storage expenses.
π New Electronic Filing Requirement:
From tax year 2023, businesses with 10 or more information returns must file them electronically.
π 1099-K Reporting Update:
Threshold Delayed: The new $600 reporting requirement for third-party payment platforms is postponed for tax year 2023.
Current Requirement: Forms 1099-K will be issued only for transactions over $20,000 with more than 200 transactions.
Future Change: A $5,000 threshold is planned for tax year 2024 to ease into the new requirements.
Stay informed and make tax filing smoother with IRIS. For professional assistance, reach out to Tax Resolution 1st! ππΌ
#TaxTips #IRIS #Form1099 #BusinessTax #TaxResolutionFirst
