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TCJA and Farm Taxation Update
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21st Annual Fall Conference
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2021-2022 Two Day Federal Tax Update Individual, Business & Corporate - Vern Hoven
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Jim Martin's Virtual Monthly A & A Series - August 2021 - July 2022
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Latest News
Updated e-filing rules could cut down on paper returns
More employers could have to electronically file information returns such as W-2 and 1099 forms, under new regulations proposed by the IRS. Businesses have been e-filing various kinds of information return forms with the IRS since the 1980s, including Forms 1042-S, 1098, 1099 series, 5498, 6248, 8027, W-2G, W-2 and W-2P unless they were granted a waiver or were considered to be a “low-volume filer,” meaning they filed less than 250 information returns per year. The agency plans to gradually lower the threshold from 250 to 100 for information returns required to be filed during calendar year 2022, and then from 100 to 10 for information returns required to be filed after 2022. That would allow the IRS adequate time to ensure it has enough resources and updated programming to seamlessly handle and process the increased number of electronically filed information returns and the applications required to e-file those information returns.
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