New 1099 and W-2 E-Filing Requirements

Many business owners will be required to e-file information returns for the first time beginning in 2024. The threshold for requiring e-filing by filers has been lowered from 250 of each type of return to 10 total returns in a year (including W-2s) for tax year 2023.

The IRS has launched a new portal called the Information Return Intake System (IRIS) to accept the 1099 series forms. To use IRIS, the IRS requires a Transmitter Control Code (TCC). To apply for a TCC click here. Be aware that the application can take up to 45 days to process, while the deadline is less than 30 days away. If you do not wish to file your own 1099s or have not yet received your TCC prior to the deadline, give us a call and we can assist with filing.

A full guide to IRIS can be found here.

If you now need to e-file W-2s, copy A of W-2s and the corresponding W-3 must be filed with the Social Security Administration through their Business Services Online (BSO) portal here. Copy 1 should still be sent to the required state, city, or local tax department(s) and all other copies must still be provided to employees.

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