Master Guide to Form 1099 Compliance | E-Book

 2023 Master Guide to Form 1099 (E-Book)

Last revised: November 6, 2023

The 2023 Master Guide to Form 1099 Compliance gives you practical and authoritative assistance for Form 1099 compliance and penalty avoidance – including this year’s dramatic expansion of the requirement to file all of your 1099s to the IRS in electronic format, and two new IRS systems for electronic filing. 

The 2023 Master Guide covers the Form 1099 reporting issues and scenarios encountered in Accounts Payable, highlighting changes which impact your 2023 year-end reporting, and also guiding you through easy-to-understand explanations you’ll use throughout 2024 on the fundamental rules and common reportable payment situations in this area of tax compliance. 

New in the 2023 edition:  

  • Electronic filing mandate expanded for Forms 1099 and other tax information returns
  • Review of the three electronic IRS filing options for 2023: IRIS system for 1099s; IRIS A2A for large-volume bulk filing of 1099s; and the legacy system IRS FIRE still available for ASCII files 
  • New edition of IRS Form W-9 effective October 2023
  • Lower dollar threshold for 1099-K reporting by third-party settlement organizations
  • Monetary penalties increased for Form 1099 failures and errors
  • New feature: Top FAQs for 2023 Form 1099 filing

Sections of the Guide include updates to IRS forms; the IRS electronic filing requirements; the new IRS “IRIS” electronic reporting systems for filing Forms 1099; security protocols and transmitter codes for IRS electronic filing; understanding Form W-9 and which payees may be exempt from being reported; Forms 1099-NEC and 1099-MISC explained with numerous examples of reportable payments; backup income tax withholding requirements and federal deposit due dates; the special reporting requirements which result from legal settlements and amounts payable to attorneys; due dates for Forms 1099 to the IRS and copies to payees; state Form 1099 filing information; IRS “B” notices and proposed penalty notices; and more. 

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