IRS Opens 1099 Business Filing PortalShare this post
Free Portal for Businesses to File Their 1099 Forms Unveiled by IRS
The Internal Revenue Service unveiled a long-awaited online portal Wednesday where businesses will be able to file their 1099 information returns for free. The Information Returns Intake System (IRIS) portal was originally expected to be available on Jan. 9, but after additional testing it is ready to go. The IRIS portal will help the agency reduce the millions of pieces of paper it needs to deal with each year as it continues to work on catching up on its backlog from last year.
The IRS is offers IRIS to any business, especially small companies, to electronically file their 1099s for free. This will simplify filing for those issuing 1099s and helps recipients receive timely information. Businesses will be able to use IRIS to create, upload, edit and view information and download completed copies of 1099-series forms for distribution and verification. Through 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. The IRS is encouraging any business, especially those that now file on paper, to switch to e-filing through the platform.
The portal will automatically detect filing errors and provide alerts for missing information. Filers can submit automatic extensions and make corrections to information returns filed through the platform. The IRS said it would acknowledge receipt of the 1099 as quickly as 48 hours.
The system will preserve issuer information from year to year, and prior years filed through this platform, which can be convenient for 1099 filers. Enrollment for the IRIS filing platform is now open and filers can begin the enrollment process immediately. The IRS said its existing Filing Information Returns Electronically (FIRE) system will remain available for bulk filing of Form 1099 series and the other information returns through at least the 2023 filing season. Visit www.irs.gov/iris.