IRS Lowers Threshold for E-filing
The IRS has recently made an important announcement regarding the e-filing of W2, 1099, and 1095 forms for the upcoming 2023 tax year, which will be filed in 2024. The latest guidelines now mandate electronic filing for individuals or organizations who need to submit 10 or more returns of any type within a calendar year. This represents a significant departure from the previous requirement, where electronic filing was obligatory only when there were more than 250 returns of the same type in a calendar year.
The new requirement, however, sets the threshold at just 10 forms, encompassing a combination of W2, 1099, and 1095 forms. For instance, if you possess three W2 forms, five 1099 forms, and three 1095 forms, you are now obligated to utilize e-filing.
Fortunately, the INTERAC Accounts Payable, Client Accounting, and Payroll programs have you covered, as they are equipped to generate the necessary files in the appropriate format for seamless e-filing. If you are new to e-filing, the first step is to apply for an account with the IRS.
For more information or assistance in creating e-files using INTERAC, feel free to contact us at 800-547-6429 or email support@intersoftsystems.com.
Additionally, below are direct links to specific sections on the IRS website, where you can access comprehensive details and sign up for e-filing:
These resources will provide you with the guidance you need to navigate the new e-filing requirements effectively.
