Tax Byte

Happy opening week of the 2023 filing season, tax pros. The IRS announced yesterday that businesses can now file Form 1099 series information returns using a new, free online portal with the agency.

WHAT IT IS: The new portal, known as the Information Returns Intake System (IRIS), is a free electronic filing service with no separate software requirements. While filing returns through the new portal, the IRS recommends listening to the song “Iris” from the band LIVE’s 1994 album Throwing Copper (it does not).

Enrollment for IRIS is now available. The filing platform, not the song, to be clear. 

According to the IRS, the IRIS portal provides:

• an accurate filing method for Form 1099 series information returns, which automatically detects filing errors and provides for missing information;
• secure standards that keep information safe and protected; and
• convenience for filers by keeping issuer information from year to year and prior years filed through this platform.

“The IRS is excited to offer any business, especially small companies, a great new way to electronically file their 1099s for free,” said IRS Acting Commissioner Doug O’Donnell. “This simplifies filing for those issuing 1099s and helps recipients receive information timely. The launch of IRIS can help reduce the millions of paper Forms 1099 we project will be filed in 2023 and demonstrates our commitment to finding useful and innovative ways of reducing paperwork on the business community and others issuing 1099s. This is part of the larger effort underway to make improvements and transform operations at the IRS.”  

WHAT IT DOES: The new IRIS platform provides filers with the following benefits:

• Filers can use IRIS to create, upload, edit and view information and download completed copies of 1099-series forms for distribution and verification;
• Businesses can e-file small and large volumes of 1099-series forms by either typing in the information or uploading a document with the use of a downloadable template;
• Filers can submit automatic extensions and make corrections to information returns filed through the platform; and
• Filers will receive confirmation of the IRS’s receipt of the returns in as early as 48 hours.

Notably, the IRIS platform currently only accepts Forms 1099 for tax year 2022 and later. Additionally, the Filing Information Returns Electronically (FIRE) system will remain available for bulk filing Form 1099 series and the other information returns through at least the 2023 filing season.