If you expect to generate 10 or more 1099s for the 2023 tax year, there are some new IRS regulations you need to know.
In February of 2023, the Department of Treasury and IRS issued final regulations amending the rules for filing returns and other documents, which includes 1099s. These regulations are additionally reducing the e-filing requirement from 250 informational forms down to 10 or more.
According to the Department of Treasury, these final regulations set the following for e-filing:
The good news for Dynamics 365 Business Central users is that Business Central does have functionality for e-filing 1099s.
To set up an e-filing account with the IRS, you must have the following:
Don’t forget to give yourself time to test the e-filing process! Both Business Central and the IRS have the capability to run a test file.
If you have any questions about setting up Business Central to e-file your 1099s, we can help with your software setup as well as functional training for your teams. Please contact us at any time for assistance, but don’t wait too long, because we all cannot get through the checkout line at the same time.
This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.