2023 Electronic Filing Requirements for Information Returns

In February 2023, the IRS announced its decision to amend electronic filing regulations relating to informational returns.

In prior years, the regulations stated that filing returns electronically was not required unless 250 or more forms were filed in the calendar year. Additionally, this requirement was separately measured, meaning that you could still paper-file your 15 1099-NECs even if you e-filed 300 W-2s. That will not be the case going forward.

Beginning with forms filed during the calendar year 2024, the e-file threshold has been lowered to 10 aggregate forms. To determine if you or your company need to electronically file your information returns, add together each type of form you are filing. If the sum is 10 or greater – file electronically.

This information is especially important for those filing Forms W-2 and most Forms 1099 as they are due January 31, 2024. The due dates for most other forms include February 28th and March 31st.

Information returns include: Form 1042-S, the Form 1094 series, Form 1095-B, Form 1095-C, Form 1097-BTC, Form 1098, Form 1098-C, Form 1098-E, Form 1098-Q, Form 1098-T, the Form 1099 series, Form 3921, Form 3922, the Form 5498 series, Form 8027, Form W-2G, and Forms W-2, W-2AS, W-2GU, W-2I, and Form 499R-2/W-2PR, collectively Forms W-2.

Consult with a trusted tax professional at HHM CPAs for further information.