New 1099 + W-2 Filing Rules

If you’re a business who issue 1099s and or W-2s, there are new rules for this filing season.

Remember, for 1099s - these are issued for payments totaling over $600 during a calendar year for things like vendor & attorney services, rents paid, etc (full list & more info here). 

Also remember that you need to issue W-9s for theses individuals & businesses to fill out so you have the necessary information needed for filing (if you don’t get this information and file 1099s, it’s not uncommon for the IRS to require you to do back-up withholding for any future payments issued to this payee).

Previously, you could file 1099s by 1/31 for the prior tax year either via paper or electronically.

For 2024 (so for 1099s from 2023 due 1/31/24), if you have more than ten 1099s and/or W-2s you MUST file electronically. The previous threshold requiring electronic filing was 250, so it’s a drastic reduction from prior years.

If you’re looking to DIY your 1099s and want a cheap option, I highly recommend Efile4Biz.