What Your Organization Needs to Know about the IRS’s latest E-filing Changes

What Your Organization Needs to Know about the IRS’s latest E-filing Changes

03/2/2023 Tags: Announcements, In the News

The latest news from the IRS affects almost all organizations required to file returns.

If your business or organization files 10 or more returns, they’ll all likely need to be filed electronically starting next year.

The new regulations will require certain companies to e-file for tax years ending on or after Dec. 31, 2023.

Specifically, this affects those who file:

  • Partnership returns
  • Corporate income returns
  • Unrelated business income returns
  • Withholding returns
  • Certain information returns
  • Registration statements
  • Disclosure statements
  • Notifications
  • Actuarial reports
  • Certain excise tax returns

For our clients, this mostly affects those who file 1099s. The good news is that we file most of those returns electronically already. If you’re a client who files your own return and needs help e-fling in 2024, let us know. Also, as we mentioned in a previous post, the IRS now offers IRIS for free e-filing.

Previously, organizations that filed 250 or more returns had to e-file, so the new rules are a big change. To determine if your organization meets the 10-return requirement, you’ll have to aggregate almost all information return types covered by the regulation. That’s another change from the previous 250-return rule that applied to each return type.

And there are more changes:

  • Corporations with assets of less than $10 million at the end of their tax year also have to e-file.
  • So do partnerships with more than 100 partners (at least for information returns).
  • Partnerships that file 10 returns or more of any type have to e-file their partnership returns this year.

Questions about e-filing or the latest IRS rules and regulations? Reach out to us.

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