Heads up for your company’s 2024 (tax year 2023) tax filings
Earlier this year, the Department of the Treasury and the Internal Revenue Service published final regulations greatly reducing the threshold that requires filing returns and other documents electronically (e-file). These regulations require filers of 10 or more (aggregated) information returns in a calendar year beginning in 2024, tax year 2023, to file those information returns electronically, regardless of company size.
For more information about the regulations and the reduced threshold to be required to electronically file, refer to the IRS and Treasury’s final regulations on e-file and the Filing Information Returns Electronically (FIRE) IRS web pages.
To determine if you meet the new threshold that requires electronically filing:
- From the FIRE page, identify how many information returns of any type covered by T.D. 9972 that you need to file during a calendar year
- If 10 or more, you MUST file electronically
Example: During the calendar year 2024, for tax year 2023, filing season Company W is required to file 4 Forms 1099-NEC (Non-Employee Compensation) and 4 Forms 1099-DIV (Dividends and Distributions, 2 Form W-2, Wage Statement, for a total of 10 returns. 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.
AccountMate, through its partnership and integration with Aatrix, has built-in e-filing options for Payroll and Accounts Payable supported tax forms.
If you are new to e-filing, you might want to prepare for this change ahead of time. Reach out to iSOFT if you have questions about e-filing options.