IRS Opens Online Tax Portal for Information Returns
The IRS launched a new online tax portal for filing information returns to help small businesses that have been filing 1099s on paper.
Agency officials say the Information Returns Intake System is a free electronic filing service that requires no special software.
Businesses of any size can take advantage of the system.
“This simplifies filing for those issuing 1099s and helps recipients receive information timely,” IRS acting commissioner Doug O’Donnell said.
“This is part of the larger effort underway to make improvements and transform operations at the IRS.”
The IRIS accepts Forms 1099 only for tax year 2022 and later.
Interested businesses should enroll in the platform immediately.
In addition to cutting down on paper filings, the e-file is intended to streamline the process and detect errors immediately.
Agency officials said the system will alert filers when there is missing information.
Filers are also able to submit automatic extensions and make corrections to information returns filed through the platform.
After filing the report through the online portal, the IRS will acknowledge the return within 48 hours.
Business leaders should note the system will remain available for bulk filing Form 1099 series and other information returns through at least the 2023 filing season.
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