IRS Reduces Paper Filing Threshold for Information Returns
The Internal Revenue Service (IRS) has announced that it will lower thethreshold for filing information returns on paper from 250 to 10, starting fromthe 2023
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– Filer/Company is the Employer in the case of W-2 forms, and the Payor in the case of 1099 Forms. The Filer/Company is also sometimes called the Client. Filer is the company or person who paid the money and is responsible for filing to the IRS or SSA and responsible for IRS and SSA compliance activities.
– The Payee is the person, estate, trust, or other entity who received the money. The payee is also sometimes called the recipient or employee.
– e-Filing or electronic filing, means sending a copy of Form 1099 or W-2 to the IRS in a formless way using electronic transfer. Transmittal Forms 1096 or W-3 is never needed when e-Filing.
– The Payee is the person, estate, trust, or other entity who received the money. The payee is also sometimes called the recipient or employee.
– e-Filing or electronic filing, means sending a copy of Form 1099 or W-2 to the IRS in a formless way using electronic transfer. Transmittal Forms 1096 or W-3 is never needed when e-Filing.