2025 Filing Season Changes:
Updated 12/19/2024
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Under the guidance issued Nov. 26, 2024,
TPSOs will be required to report transactions on form
1099K when the amount of
total payments for those transactions is more than $5,000 in 2024;
more than $2,500 in 2025; and more than $600 in calendar year 2026
and after.
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Administrative exemption from electronic filing Form
1042. Withholding agents that are foreign persons
are exempt from the requirement to electronically file Form 1042 for
tax year 2024 (filed in 2025).
IRS.gov/irb/2024-12_IRB#NOT-2024-26.
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Withholding agents
that are U.S. Citizens are required to e-file form
1042
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Reminder: the required e-file threshold
has been changed from 250 paper returns to only 10 aggregated paper
forms.
-
Reminder: FIRE is still available and
will be until all forms are able to be processed by IRIS
2024 Filing Season Changes:
Updated 09/19/2023
-
The IRS issued final regulations amending the rules for filing returns and other documents
electronically (e-File). Effective Feb 21, 2023 the regulations reduce the
required e-file threshold from 250 returns to 10!
- Additionally filers are
required to aggregate almost all the types of information returns. Earlier
regulations applied the 250-return threshold separately to each type of
return.
Please click here for more info.
- The IRS has also launched a
new portal called IRIS where you can efile for free without special
software. There is rather complex application process which also includes
setting up an ID.ME account.
Please click here for more info.
-
Once registered
Please
click here to go to IRIS. There are limitations to the online portal.
You can only key in the entries by hand or submit a csv file in the approved
format. The 1099Express software will be able to build the .csv file for you
next year. Currently there is a 100 line limit on the .csv import option.
-
FIRE is still available and will be until all forms are able to be processed by IRIS.
2023 Filing Season Changes:
- All existing IRS e-Services users will be
required to complete an ID.me account before accessing any of the
applications or services under e-services.
- All current TCC holders that have had
their TCC prior to September 2021 will be required to create and ID.me
account and fill out an IR application.
- 1099-K forms will now be issued for any
number of transactions totaling $600 for the year. This is in contrast to
prior years when the threshold was 200 transactions or $20,000.
- The 1098-F form has been updated to
include changes to the recipient form regarding the field title, general
description field and deleting indicators F, G, H & I.
-
IRS announces delay for implementation of $600 reporting threshold for
third-party payment platforms’ Forms 1099-K
Updated: 09/19/2022 04:28 PM
2022 Filing Season
Changes:
- We have a new set of
really cool icons for the programs as well as separate unique icons for each
file type ('.src', '.t42', '.t95', '.w2') which should help users tell the
difference between the program shortcut and a program file more easily.
- The updated form
1099-NEC, Nonemployee Compensation is now part of the Combined Federal/State
Filing (CF/SF) Program for Tax Year 2021.
- 1099-NEC was updated
to include Box 2 as a check box for Direct Sales of consumer products for
resale.
- 1099-MISC added Box
11 Fish Purchased for Resale and shifted the past year NEC reporting box
down.
- 1099-MISC the IRS did
a late revision and changed the numbering of boxes 13-18.
- 1099-DIV added 2 new
pay codes: 2e Section 897 Ordinary Div and 2f Section 897 Capital gain.
- Existing TCC users
have a new log in process to follow which includes the company name as
registered with FIRE.
Click here for more information.
- Added new support
documentation section to website. These pages will be updated as time goes
on!
