The IRS receives nearly 4 billion information returns per year and expects to receive nearly 5 billion by 2028. In 2021, about 82% of all corporate income tax returns were e-filed, and almost 90% of partnership tax returns were e-filed. Though available to any size business, IRIS may be especially useful to small businesses that currently send their 1099 forms on paper to the IRS. Known as the Information Returns Intake System (IRIS), this free e-filing service is secure and requires no special software. The final regulations come just as the IRS unveiled a new online portal last month to help businesses file Form 1099 series information returns electronically. Require partnerships with more than 100 partners to e-file information returns, and they require partnerships required to file at least 10 returns of any type during the calendar year to e-file their partnership return.Eliminate the e-filing exception for income tax returns of corporations that report total assets under $10 million at the end of their taxable year. Earlier regulations applied the 250-return threshold separately to each type of information return covered by the regulations. Require filers to aggregate almost all information return types covered by the regulation to determine whether a filer meets the 10-return threshold and is required to e-file their information returns.The final regulations also create several new regulations to require e-filing of certain returns and other documents not previously required to be e-filed. Reduce the 250-return threshold enacted in prior regulations to generally require e-filing by filers of 10 or more returns in a calendar year.The law, enacted in 2019, authorizes the Treasury Department to issue regulations to reduce the threshold for when taxpayers are required to e-file returns. The final regulations reflect changes made by the Taxpayer First Act that strengthen e-filing requirements.
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