01/23/2024

New Threshold for Electronically Filing Information Returns

This went into effect on Jan. 1, 2024

Effective Jan. 1, 2024, businesses that file 10 or more information returns with the Internal Revenue Service (IRS) will now be required to file them electronically. This new threshold is effective for 2023 tax year information returns.

Previously, only businesses filing 250 or more information returns were required to do so electronically. Notably, the 250-return threshold was applied separately to each type of information return. Now, businesses must e-file returns if the combined total of all the information return types filed is 10 or more.

Final regulations on the new rule were issued Feb. 21, 2023, by the U.S. Department of the Treasury and the IRS.

Please select this link to read the complete article from OSAP Mission Partner Clark Schaefer Hackett (CSH).