Navigating New IRS Regulations & Mastering Year-End Tax Savings
Balanced Asset Solutions specializes in tax minimization and the new IRS 1099 process. Our team of licensed CPAs and professionals across the U.S. provides comprehensive services for both residential and commercial property managers.
Learn key details on 1099 updates and effective year-end tax strategies.
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Critical 1099 Updates
- The IRS issued final regulations to reduce the 250-return threshold enacted in prior regulations to generally require electronic filing by filers of 10 or more returns in a calendar year
- The IRS created a new, free online portal to help businesses file Form 1099 series information returns electronically
- For the 2023 tax season, you may use either FIRE or IRIS for e-filing
- The Filing Information Returns Electronically (FIRE) system will remain available for bulk filing Form 1099 series through at least the 2023 filing season
- The IRS is transitioning to the new IR-TCC Application for FIRE for those who received their TCC(s) prior to September 26, 2021
- Customers must take action to keep their existing TCCs active
- Apply for a Transmitter Control Code (TCC) to e-file Forms 1099 with the Information Returns Intake System (IRIS)
- Sign or create new account using ID.me
- Complete necessary forms on IRIS application for TCC
- Sign application with 5 digit pin
- IRS will perform verification, then assign TCC (can take up to 45d but often quicker)
- Use IRIS to file 1099s
Purpose of Changes
- Simplify the 1099 process
- Reduce the amount of paper forms filed
- E-file both small and large volumes of 1099-series forms by either keying in the information or uploading a file with the use of a downloadable template.
- Identify all recipients
- Determine payment types
- Gather payment details
Obtain your TCC (not necessary if filing via paper)
- Pre 2021 TCCs – take action to keep active
- Create IRS secure access account
- Request TCC
Prepare and file
- Choose filing method
- Verify recipient details
- Validate payment accounts
- Submit 1099s
- Furnish 1099 to recipients
- Retain copies
- Seek professional assistance if needed
Q: What are my critical filing dates?
A: Apply for TCC asap if filing electronically.
January 31, 2023: Furnish 1099’s to owners and vendors, and file vendor 1099s with IRS
February 28, 2023: Deadline to file paper owner 1099s with the IRS
March 31, 2023: Deadline to owner 1099s electronically
Q: Is IRIS now the only option for e-filing 1099s?
A: For the 2023 tax season, you actually have two options: the familiar FIRE system or the new IRIS portal. Both are free and allow electronic filing. However, starting in 2024, IRIS will be the only option for businesses filing 10 or more returns.
Q: I have fewer than 10 recipients. Do I still need to file electronically?
A: While not mandatory, electronic filing offers several benefits, including faster processing, reduced errors, and easier recordkeeping. You can still file paper forms, but the deadline is earlier (February 28th vs. March 31st).
Q: How do I transition to IRIS if I already use FIRE?
A: If you received your TCC before September 26, 2021, you’ll need to apply for a new one through the IR-TCC Application to use IRIS. This ensures your existing TCC stays active. Don’t worry, FIRE will still be available for 2023, but it’s good to start familiarizing yourself with IRIS for the future.
Q: How do I get started with e-filing?
A: The first step is applying for a Transmitter Control Code (TCC) – your unique identifier for electronic filing. You can do this through the IR-TCC Application or directly for IRIS. Once you have your TCC, choose your preferred platform (FIRE or IRIS) and follow their instructions for preparing and submitting your 1099s electronically. Remember, deadlines are approaching, so don’t delay!
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