The first revision of the tax year 2023 filing specifications for information returns filed through the Internal Revenue Service’s FIRE portal was released Sept. 18.
The tax year 2023 Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G, contains a paragraph on the reduced e-filing threshold of 10 forms starting with forms required to be filed in 2024. It also encourages new filers to use the Information Returns Intake System (IRIS) portal to file Forms 1099.
IRIS uses its own schemas for bulk filing instead of the specifications in Publication 1220. While ...
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