The IRS has announced that businesses can now file Forms 1099 using a new online portal called the Information Returns Intake System, or IRIS.
that businesses can now file Forms 1099 using a new online portal called the Information Returns Intake System, or IRIS. And it's just in time since most Forms 1099 are due to taxpayers by January 31, with a copy filed electronically with the IRS by March 31. Of course, since this is tax law, some exceptions apply—it’s always a good idea to check the specific form instructions for applicable due dates.... [+]Currently, you must file electronically if you file 250 or more information returns.
"The IRS is excited to offer any business, especially small companies, a great new way to electronically file their 1099s for free," said IRS Acting Commissioner Doug O'Donnell."This simplifies filing for those issuing 1099s and helps recipients receive information timely.
The IRS will acknowledge receipt of the Forms in as few as 48 hours. And IRIS will keep issuer information filed through this platform, making confirming and retrieving records convenient. The IRS says the portal will automatically detect filing errors and provide alerts for missing information. If changes need to be made, filers can submit automatic extensions and make corrections to information returns filed through the platform.
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