January 2024: 1099 Changes You Should Know About

This Month’s Quick Take:

From the IOFM 2023 Master Guide to Form 1099 Compliance:

“The IRS no longer will issue a new Form 1099-MISC or 1099-NEC every calendar year. Instead, these forms, and many other Forms 1099, have been converted to what the IRS calls ‘continuous use’ forms. Instead of the calendar year of reportable income being printed on the paper form, there is a fill-in line in which the payer/filer writes in the calendar year.”

IOFM members can access the entire Master Guide here to learn more. 

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The IRIS System

The IRS’s relatively new IRIS system (Information Returns Intake System) may still be unfamiliar to some. While the older FIRE system requires special software to use, IRIS can process data from a CSV file in Excel — or even from on-screen input.

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1099 Corrections

If 1099-NEC or 1099-MISC forms were filed in the FIRE system, is it acceptable to make corrections to them manually through the IRIS system? Discover the IRS requirements for filing corrections for 1099s based on how they were originally filed.

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MEMBER WEBINAR: Critical Form 1099 and 1042-S Compliance Issues for 2024

Join IOFM and Cokala on January 18th to learn how to identify your organization’s options for filing Forms 1099, 1042-S and 1042 electronically to the IRS – including the FIRE system, IRIS portal system, IRIS bulk filing A2A system and MeF for Form 1042.

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FIRE TCC Codes

If you didn’t request a renewal to your FIRE TCC (Transmitter Control Code) before August 1, 2023, your TCC will have been deactivated and you’ll need to apply for a new one. But beware: Obtaining a new one may take longer than a month.

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FREE WEBINAR: 1099-MISC and 1099-NEC Compliance Updates

Join IOFM and Jason Dinesen EA, LPA for this free webinar on January 8th which will cover Form 1099-NEC for independent contractors, and Form 1099-MISC for reporting payments such as rent. We will also cover Form 1099-K and how to deal with payments made via apps such as PayPal and Venmo.

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