The Internal Revenue Service finalized regulations on February 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after January 1, 2024, to be submitted to the IRS electronically instead of on paper.
Under the new rules, filers of 10 or more returns of any type for a calendar year generally will need to file electronically with the IRS. Previously electronic filing was required if the filing was more than 250 returns of the same type for a calendar year.
If we currently prepare informational returns, including 1099s, for you and/or your business, they will be filed electronically this year. Therefore, please have your information available to us by January 18th to ensure timely filing.
We understand that this transition may involve adjustments, and we are committed to providing any necessary support to facilitate a smooth and successful implementation.
Please do not hesitate to reach out to our team at HSC if you have any questions or require assistance in preparing for this change.
Thank you for your attention to this matter, and we appreciate your continued partnership.