End Of Year IRS Tax Filing Resources

IRS Expands Free Electronic Filing for 1099 Forms to all Businesses Regardless of Size

Business taxpayers may now electronically file any IRS Form 1099 series information returns for free with the IRS Information Returns Intake System (IRIS). IRIS accepts 1099 series forms for tax year 2022 and after. IRIS is available to any business of any size. It’s secure and accurate and it requires no special software. It also reduces the need for paper forms.

Important! Beginning in tax year 2023, businesses with a combination of 10 or more information returns must file 1099 forms electronically.

With IRIS, business taxpayers can:

  • Enter information into the portal or upload a file with a downloadable template in IRIS.
  • Download completed copies of Form 1099-series information returns.
  • Submit extensions.
  • Make corrections to information returns filed with IRIS.
  • Get alerts for input errors and missing information.
  • Get confirmation in as little as 48 hours that the IRS received the return.
  • Reduce expenses on paper, postage, storage space and trips to the post office.

1099-K reporting threshold delayed for third party platform payments

The IRS delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023. For 2023 and prior years, payment apps and online marketplaces are required to send out Forms 1099-K only to taxpayers who receive over $20,000 and have over 200 transactions. For tax year 2024, the IRS plans for a threshold of $5,000 to phase in the new reporting requirements.

More information:

General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498 and W-2G)

IRS Issues Free e-Poster Explaining New Home Energy Tax Credits

Homeowners who make energy improvements to their home are eligible for tax credits for a portion of qualifying expenses. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. The IRS recently released an e-poster about the expanded home energy credits, outlined in an easy-to-understand format. You’re encouraged to share this resource with your clients. For more information, visit the Home Energy Tax Credits webpage on IRS.gov.