Forms 1099 filed on paper should decrease in 2023 thanks to the Information Returns Intake System.
The Information Returns Intake System (IRIS), a new online portal that the IRS announced on Wednesday, now allows businesses to submit Form 1099 series information returns.
Acting IRS Commissioner Doug O’Donnell in a prepared statement said that the IRS was thrilled to provide any firm, particularly small businesses, with a fantastic new simplified way to electronically file their 1099s for free that ensured that recipients receive information on time.
O’Donnell stated that the millions of paper Form 1099 that are anticipated to be filed in 2023 will be decreased by IRIS.
The free electronic filing option is accurate, and secure, and doesn’t need any additional software, the IRS emphasized.
In addition to downloading finished copies of the 1099 series forms for distribution and verification, filers can use the online platform to generate, upload, amend, and examine information. Companies can electronically file both small and large volumes of 1099 series forms by manually entering the data or by uploading a file using a downloaded template.
IRIS currently accepts Forms 1099 for tax years 2022 and later. The IRS lists the following advantages of transitioning from paper to electronic 1099 filing:
- Information is secure and safeguarded thanks to e-file security standards.
- The portal is a precise filing approach that generates notifications for any missing information and automatically detects filing problems.
- Filers can use the platform to submit automatic extensions and correct information returns.
- Within 48 hours, the IRS notifies the filer that the return has been received.
- The software offers simplicity to 1099 filers by preserving issuer information from year to year as well as earlier years filed through this platform.
- E-filing reduces office costs for paper, postage, and storage space and avoids trips to the post office.
The IRS advised filers to start the enrollment process right away because the IRIS filing platform enrollment period is now open.
The Filing Information Returns Electronically (FIRE) technology will be operational until at least the 2023 filing season for bulk filing of Form 1099 series and other information returns.
Visit IRIS: E-file Forms 1099 With IRIS for additional information.
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The IRS and Treasury have finalized the rules for electronic filing for businesses. -
[…] final regulations come just months after the IRS unveiled a new online portal in January to help businesses electronically file Form 1099 series information returns. This free […]