As we approach the end of the tax year, we want to ensure you are aware of critical changes regarding 1099 filings for tax year 2024.
Changes to Electronic Filing Requirements
The IRS has implemented new regulations mandating electronic filing of information returns, including 1099s. Businesses filing ten or more total information returns are now required to submit electronically.
What This Means for You
If you historically filed paper returns and anticipate filing ten or more total information returns for tax year 2024, you will need to transition to electronic filing.
ProLaw® Considerations
While ProLaw® offers a 1099 Generator feature, it may not be readily available in all versions and it requires additional setup time.
NextPro Can Help
At NextPro, we offer an alternative solution: generating a report within ProLaw® and exporting the data to a CSV file, which can then be used with other programs for efficient electronic filing (such as w21099.com). The report works with all versions of ProLaw®, even v11!
Contact us at support@nextpro.law for assistance.
Reference: IRS Publication 1220