1099 FAQs
Q: What are my critical filing dates?
A: Apply for TCC asap if filing electronically.
January 31, 2024: Furnish 1099's to owners and vendors, and file vendor 1099s with IRS
February 29, 2024: Deadline to file paper owner 1099s with the IRS
March 31, 2024: Deadline to file owner 1099s electronically
Q: Is IRIS now the only option for e-filing 1099s?
A: For the 2024 tax season, you actually have two options: the familiar FIRE system or the new IRIS portal. Both are free and allow electronic filing. However, starting in 2025, IRIS will be the only option for businesses filing 10 or more returns.
Q: I have fewer than 10 recipients. Do I still need to file electronically?
A: While not mandatory, electronic filing offers several benefits, including faster processing, reduced errors, and easier recordkeeping. You can still file paper forms, but the deadline is earlier (February 28th vs. March 31st).
Q: How do I transition to IRIS if I already use FIRE?
A: If you received your TCC before September 26, 2021, you'll need to apply for a new one through the IR-TCC Application to use IRIS. This ensures your existing TCC stays active. Don't worry, FIRE will still be available for 2024, but it's good to start familiarizing yourself with IRIS for the future.
Q: How do I get started with e-filing?
A: The first step is applying for a Transmitter Control Code (TCC) – your unique identifier for electronic filing. You can do this through the IR-TCC Application or directly for IRIS. Once you have your TCC, choose your preferred platform (FIRE or IRIS) and follow their instructions for preparing and submitting your 1099s electronically. Remember, deadlines are approaching, so don't delay!
Download step by step directions
