Clint Weeder
Specializes in business tax planning, investment advisory services, business valuations
EmailBeginning in 2024: New E-file Regulations for Businesses (1099s)
The IRS and Department of the Treasury have amended the rules for filing returns and other documents electronically (e-file).These regulations will require certain filers to e-file beginning in 2024.
This rule change will likely affect your business if you file your own 1099s, since each 1099 is considered an information return. Your business will now be required to e-file them if you have more than 10 1099s or other returns (the prior threshold was 250).
The IRS has free options for e-filing. To e-file documents with any of the systems below, you will need to apply for the appropriate transmitter control code (TCC). Don’t delay, as processing the TCC application may take up to 45 days.
This system may be utilized through a free, web-based portal, or by using a third-party software.
Both FIRE and AIR systems require software to be used to create forms that can be uploaded in the required format.