Any person engaged in a trade or business, including a corporation, partnership, individual, estate, and trust, who makes reportable transactions during the calendar year must file information returns to report those transactions to the IRS. Persons required to file information returns to the IRS must also furnish statements to the other party to the transaction, such as recipients of income. The requirement to file information returns is mandated by the Internal Revenue Code and associated regulations.
Starting tax year 2023, if you have 10 or more information returns, you must file them electronically. This includes Forms W-2, efiled with the Social Security Administration, and the 1099 series of forms efiled with the IRS. Find more details by clicking on the following links:
• https://www.irs.gov/newsroom/irs-and-treasury-issue-final-regulations-on-e-file-for-businesses
• https://www.irs.gov/forms-pubs/new-electronic-filing-requirements-for-forms-w-2
• https://www.irs.gov/filing/e-file-information-returns#apply