The IRS announced that businesses can now file Form 1099 series information returns using a new online portal, available for free.
Known as the Information Returns Intake System (IRIS), this free electronic filing service is secure, accurate and requires no special software. Though available to any business of any size, IRIS may be especially helpful to any small business that currently sends their 1099 forms on paper to the IRS.
Filers can use the platform to create, upload, edit and view information and download completed copies of 1099-series forms for distribution and verification.
With IRIS, businesses can e-file both small and large volumes of 1099-series forms by either keying in the information or uploading a file with the use of a downloadable template.
Currently, IRIS accepts Forms 1099 only for tax year 2022 and later.
The IRS encourages any business, especially those that now file on paper, to switch to e-filing through the platform and share in its benefits.