ELECTRONIC FILING OF FORMS 1099 SERIES COMING!

NSTP representatives recently attended an IRS meeting where the announcement was made about a new IRS internet portal that will be able to electronically create and send the series of Form(s) 1099 starting in January 2023.

Under Section 2102 of the Taxpayer First Act the IRS is developing an Internet portal that will allow taxpayers to electronically file Forms 1099 after December 31, 2022. Beginning January 9, 2023, the Taxpayer Portal can be used to:

• Key in information to create a Form 1099
• Upload a .csv file using a downloadable template the IRS provides with the Information Returns Intake System (IRIS) that will also create Forms 1099
• Download and print the 1099s they created to provide to recipients
• Electronically submit the 1099s by hitting “Submit” button
• File a corrected 1099 if the original was filed using the IRIS web portal
• File an automatic extension

In this first release of the internet portal, the capabilities in the 1099 Platform through IRIS includes:

• Create user type profile
• Authorize users to access the platform
• View authorized account users
• Support of automatic extensions
• Prepare Form(s) 1099
• Allow file uploads
• Populate Form(s) 1099 with prior year data
• Provide inline Form(s) data validation
• Conduct data checks
• Store unsubmitted data internally at IRS
• Review form data
• Store payer and recipient entity information for re-use
• File multiple Form(s) 1099 at once
• Download Form(s) 1099 for distribution to recipients
• View detailed submission information
• Push notifications for users
• Notifications within IRS system
• Combined federal/state filing program integration
• Correct submitted Form(s) 1099
• Store persisted data in a repository
• Provide data for downstream systems

Release 1 – January 2023 will allow for filing of the entire series of the Forms 1099 including (but not limited to):

• 1099-B, Proceeds from Broker and Barter Exchange Transactions
• 1099-C, Cancellation of Debt
• 1099-DIV, Dividends and Distributions
• 1099-INT, Interest Income
• 1099-K, Payment Card and Third-Party Network Transactions
• 1099-MISC, Miscellaneous Information
• 1099-NEC, Nonemployee Compensation
• 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.

IRIS Resources being developed to assist with the transition to electronic filing:

• Publication 5717, Information Returns Intake System (IRIS) Taxpayer Portal User Guide
• Publication 5718, Information Returns Intake System (IRIS) Electronic Filing Application to Application (A2A) Specifications
• Publication 5719, , Information Returns Intake System (IRIS) Test Package for Information Returns

Additional information will be provided on the IRS website here and additional information will soon be available on a new IRS page – www.irs.gov/iris