ICYMI: BUSINESSES CAN FILE FORM 1099 SERIES INFORMATION RETURNS FOR FREE
Business taxpayers can file electronically any Form 1099 series information returns for free with the IRS Information Returns Intake System (IRIS). IRIS accepts 1099 series forms for tax year 2022 and after. IRIS is available to any business of any size. It’s secure and accurate and it requires no special software. It also reduces the need for paper forms.
Starting in tax year 2023, businesses with a combination of 10 or more information returns must file them electronically.
With IRIS, business taxpayers can:
- Enter information into the portal or upload a file with a downloadable template in IRIS.
- Download completed copies of Form 1099-series information returns.
- Submit extensions.
- Make corrections to information returns filed with IRIS.
- Get alerts for input errors and missing information.
- Get a confirmation in a little as 48 hours that the IRS received the return.
- Reduce expenses on paper, postage, storage space and trips to the post office.
1099-K reporting threshold delayed for third party platform payments
The IRS delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023. For 2023 and prior years, payment apps and online marketplaces are required to send out Forms 1099-K only to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in the new reporting requirements.
