Tax E-Filing Requirements

Tax season has arrived! Which means everyone is scrambling to try and figure out their taxes and deal with the confusion and complications that always seem to come with taxes. For this tax season, the IRS has implemented new regulations to try and modernize and streamline the filing process. 

In the past the threshold for information returns needed before requiring electronic filing was higher. With the new regulation the threshold is 10 or more information returns in the calendar year. 

What is an information return? An information return are forms such as Forms W-2 and Forms 1099. If that number exceeds 10, then you are required to file the forms electronically. So, if you file 4 W-2’s and 6 1099’s, then you would reach the threshold and have to file electronically. 

The IRS is slowly shifting towards a more electronic system which will help make the process faster, reduce errors, standardize filing practices, and be more cost effective by not having to pay printing and mailing expenses. 

If you have questions or concerns about your taxes and what this means for your business, schedule a call with Irvine Legal. 

irvine-legal.com

385-333-7966

joshua@irvine-legal.com