Michaela Porterfield
In January 2023, the IRS introduced the Information Returns Intake System (IRIS) to replace the FIRE system. As more filers transition to IRIS, new error types are emerging—one of the most common being TIN validation errors in 1099 e-filing. What causes an IRIS TIN Validation Error? This will happen when the name and TIN submitted … Read more
Beneficial Ownership Information, or BOI, reporting is a fairly new reporting requirement for certain companies. BOI refers to identifying the individuals who directly or indirectly own or control a company. BOI Reporting refers to reporting this information to FinCEN. As of December 26, 2024, BOI Reporting is not currently required and companies may continue to … Read more
The Internal Revenue Service (IRS) has announced the annual schedules for the FIRE and IRIS Production cutover/shutdown for Tax Year 2024 (Filing Season 2025). During these periods, all transmission activities, including corrections and replacements for FIRE and IRIS, will be temporarily halted. FIRE Production Cutover Schedules The temporary closure FIRE production will begin at November … Read more
Today, the Internal Revenue Service (IRS) published the yearly AIR Production cutover schedule for the Tax Year 2024 (Filing Season 2025). The temporary shutdown will impact all transmissions related to the Affordable Care Act (ACA), including corrections and replacements. AIR Production Cutover Schedule The shutdown for production will begin at 5:00 pm Eastern Time on … Read more
In a recent update made by the state of Rhode Island, e-filed 1099 forms will now be accepted directly through the RI Department of Taxation’s portal. What’s New? According to the State of Rhode Island Division of Taxation’s Withholding Tax Filing & Transmittal Requirements documentation (Rev. Sep. 2024), electronically filed 1099 forms will be accepted … Read more
The IRS announced on October 24, 2024, that a transmitter control code (TCC) will be required to submit Form 8809, Application for Extension of Time to File Information Returns. What’s New? In prior years, anyone could complete a fill-in extension for time to file on the IRS FIRE System. However, the IRS now requires that … Read more
The IRS authorizes businesses to furnish electronic copies of certain tax forms, instead of a paper copy. Electronic Form Delivery Benefits There are many benefits to E-Delivery: However, electronic form delivery isn’t as simple as just sending forms via email; there are extensive rules and requirements for it. Electronic Form Delivery Requirements The requirements for … Read more
Tax Year 2024 is coming to a close, which means that the filing season of 2025 is upon us! We’ve created this guide, so you don’t miss the 2025 deadlines. Basic Information When each tax year, or calendar year, comes to a close, employers must ensure that they meet all IRS tax requirements regarding filing. … Read more
As we approach the end of tax year 2024, it’s crucial to start thinking about the upcoming 2025 IRS filing season. To assist you, we’ve assembled some essential tax tips for filing with the IRS in 2025. Helpful Tax Tips At the close of each calendar year, filers should make sure that they meet all … Read more
The IRS authorizes businesses to furnish electronic copies of certain tax forms, instead of a paper copy. There are many benefits to E-Delivery: However, electronic form delivery isn’t as simple as just sending forms via email; there are extensive rules and requirements for it. E-Delivery Requirements The requirements for electronic delivery of recipient forms can … Read more