Information Reporting Intake System (IRIS): For tax years beginning after December 31, 2022, the IRS has created IRIS, an online gateway that enables taxpayers to file (e-file) information returns electronically. For more details or the most recent information, visit IRS.gov/IRIS or section F.
Return filing 1099 online. The IRS and the Department of the Treasury are permitted to make regulations to lower the 250-return requirement for tax years beginning in 2023 under the Taxpayer First Act of 2019, which was approved on July 1, 2019. The e-file requirement for returns that must be filed in 2023 still stands at 250, though. For returns that must be submitted on or after January 1, 2024, the e-file threshold of 10 applies.
Box 9 on Form 1098-F:
Only if necessary, enter one of the listed codes in box 9.
Transitional period for reporting on Form 1099-K:
The reporting of transactions over $600 for transactions that take place after the calendar year 2022 is postponed during the transition period outlined in Notice 2023-10. The goal of the transition phase is to enable a smooth transition for both individual payee compliance with income tax reporting and third-party settlement organization (TPSO) tax compliance. Any individual who receives payment from a TPSO for a commercial transaction is a participating payee in the context of a third-party network transaction. Conversion for ongoing use. The instructions for Form 1099-PATR and its annual modifications have been changed to perpetual usage. The instructions and the form will be updated as required.