|The IRS has reduced the paper filing threshold to 10 forms. Any filers with more than 10 forms for certain filings will be required to electronically file in 2024.|
According to final IRS regulations, starting from January 1, 2024, most employers will now be required to file their information returns (such as Forms W-2, 1099, and 1095) electronically if they have 10 or more forms of any one type. This is a significant reduction from the current threshold of 250 forms. The IRS says that this change will improve efficiency, accuracy, and security of tax administration.
The new rule will affect many small and medium-sized businesses that currently file their information returns on paper forms. According to Kenneth Ham, Founder of tax software provider BoomTax, “Small businesses will need to switch to electronic filing systems or implement a solution from 1099, W-2, and/or ACA software providers to comply with the new requirement.” The IRS encourages these businesses to start preparing for the transition as soon as possible and offers various resources and guidance on its website.
For more information about new tax announcements and deadlines, follow @boomtax on Twitter, @boomtaxofficial on Facebook, and visit www.boomtax.com. Get started on your tax filing today and ensure that you’re complying with the latest laws and requirements.
BoomTax offers a range of software solutions for businesses and individuals, including tools for filing forms 1099-MISC, 1099-NEC, 1099-DIV, 1099-INT, W-2, 1094-C, 1095-C, 1094-B, and 1095-B. The company’s intuitive platform and helpful customer support team make it easy for users to accurately and efficiently file their information returns.
Company Name: BoomTax
Contact Person: Ken Ham
Address: 11649 Leopard St. #4, Corpus Christi, TX 78410
City: Corpus Christi
Country: United States