As we near the end of 2023, we want to make everyone aware of some IRS changes that may impact required reporting in the coming months.
The IRS has changed the information return electronic filing threshold effective as of January 1, 2024. This new threshold applies to all information returns including W-2s, 1099s, 1099-C/1095-Cs, etc. The IRS will now require businesses that have 10 or more information returns to file these returns electronically with the IRS. This is a significant change from the previous year’s threshold of 250 or more returns.
It is important to keep these new requirements in mind when preparing any information returns for the 2023 tax year. If BS&P prepares any information returns on your behalf, particularly Form 1099, we will make every attempt to electronically file these returns on your behalf.
If you use another provider to file your information returns, it is important to contact them to confirm that they will be filing any required information returns electronically on your behalf.
If you file your own informational returns, see below for additional resources pertaining to the changes:
· W-2’s with the Social Security Administration:
· 1099’s with Internal Revenue Service:
· General information from the IRS regarding changes:
https://www.irs.gov/newsroom/irs-and-treasury-issue-final-regulations-on-e-file-for-businesses
Please feel free to reach out with any questions regarding the filing requirement changes at info@bspcpa.com.