Filing and reporting rules for Forms 1099-MISC, Miscellanous Income, and 1099-NEC, Nonemployee Compensation, are changing in the coming year, and employers should be aware of the new requirements, a payroll practitioner said May 17.
Jim Medlock, payroll compliance educator at Medlock and Associates, said that upcoming changes include modifying the electronic filing threshold, replacing the Internal Revenue Service’s Filing Information Returns Electronically system, and adding new states to the IRS’s Combined Federal/State Filing Program.
Electronic Filing Threshold
Beginning in 2024 for information returns filed for tax year 2023, including Forms 1099-MISC and 1099-NEC, employers will have to file electronically if ...
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