Corrected information returns are not counted when calculating the aggregate to determine if you are required to file electronically.Įxample. After electronically filing 10 Forms 1099-DIV and 1099-INT, Company W files 2 corrected Forms 1099-DIV and 4 corrected Forms 1099-INT. Because Company W electronically filed its original tax year 2023, Forms 1099-DIV and 1099-INT, Company W must electronically file its corrected tax year 2023, Forms 1099-DIV and 1099-INT. Refer to Treasury Decision (TD) 9972 for more information.Īs part of the threshold reduction, corrected information returns MUST be filed electronically if the original return was submitted electronically. Because Company W is required to file 10 returns as calculated during the calendar year 2024, for tax year 2023, filing season, Company W must electronically file all its tax year 2023, Forms 1099-NEC and 1099-DIV with the IRS, and Forms W-2 with the Social Security Administration.
Identify how many information returns of any type covered by TD 9972, you need to file during a calendar year.
To determine if you meet the 10 or more threshold to electronically file: Details on this regulation can be found here: IRS and Treasury final regulations on e-file. For tax year 2022, the number of returns remains at 250. These regulations reduce the 250-return threshold to generally require electronic filing by filers of 10 or more returns in a calendar year beginning in 2024, tax year 2023. Treasury Decision (TD) 9972 amends the rules for filing returns and other documents electronically (e-file). Final regulations for the Taxpayer First Act, provision 2301, were issued February 21, 2023, by the Department of the Treasury and the Internal Revenue Service.
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