Businesses may now submit Form 1099 series information reports using a new, free online gateway, according to the Internal Revenue Service.
This free electronic filing service, known as the Information Returns Intake System (IRIS), is accurate, secure, and doesn’t need any additional software. IRIS is accessible to all businesses regardless of size, but it may be especially useful for small businesses who now mail paper 1099 forms to the IRS.
According to IRS Acting Commissioner Doug O’Donnell, “The IRS is thrilled to provide any business, especially small businesses, a terrific new opportunity to electronically file their 1099s for free.” “This makes filing easier for companies who are sending 1099s and aids in timely information delivery to recipients. We anticipate that millions of paper Forms 1099 will be filed in 2023, and the introduction of IRIS shows our dedication to discovering practical and cutting-edge solutions to lessen the workload placed on the business sector and those who issue 1099s. This is a component of a bigger initiative to enhance and modernise IRS operations.”
In addition to downloading finished copies of the 1099-series forms for distribution and verification, filers can utilise the site to generate, upload, amend, and examine information.
Businesses can utilise IRIS to electronically submit small and large numbers of 1099-series forms by either manually entering the data or uploading a file using a downloaded template.
IRIS only accepts Forms 1099 for tax years beginning after 2022 at this time.
The IRS urges all businesses to use the platform for electronic filing in order to take advantage of its advantages, especially those that now file on paper.
These advantages consist of:
Information is secure and safeguarded according to e-file security standards.
The portal is a reliable filing system that detects filing mistakes automatically and sends out notifications for missing information.
The platform allows users to file automated extensions and modify information returns that have already been filed.
Within 48 hours, the IRS notifies the filer that the return has been received.
The software offers simplicity to 1099 filers by preserving issuer information from year to year as well as earlier years submitted using this platform.
E-filing reduces office expenditures for paper, postage, and storage space and avoids trips to the post office.
The IRIS filing platform is now accepting applications. Filers should get started with the enrolling procedure right away.
Through at least the 2023 filing season, the Form 1099 series and other information returns can be filed in bulk using the Filing Information Returns Electronically (FIRE) technology.
Visit E-file Forms 1099 With IRIS for additional information about IRIS.
(Source: This article was originally published by irs.gov: IR-2023-14 on January 25th, 2023.)
