Tax Tip 2023-126: Businesses can file Form 1099 series information returns for free

IRS Tax Tips December 13, 2023
Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Contact Your Local IRS Office Filing Your Taxes Forms & Instructions Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media	Issue Number:  Tax Tip 2023-126 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. More information: Publication 5717, IRIS Taxpayer Portal User Guide General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498 and W-2G)     Back to top           Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

 

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