Use this 2024 1099 software to process both W-2s and 1099s with the federal government (IRS / SSA) and state departments of revenue through paper and electronic filing. Populate data manually (entry screens mirror the form being used) or import from different sources such as Excel and QuickBooks. Designed to be used by both business owners and accounting professionals. Forms can be printed to laser / ink-jet printers and exported to PDF digital documents. Corrections, previous year-filing, TIN-matching, SSN masking, data export and quality control tools are also available in the software. Form 1099-NEC (non-employee compensation processing for 2024 and beyond) is also included.
What's New for Tax Year 2024?
- Filers may truncate the first five digits of payees’ TAX ID on their paper or electronic copies of Form 1099-NEC; forms filed with the IRS must contain the full TIN, as well as the filer’s full EIN.
- Businesses must file electronically when they have at least 10 forms to submit. This requirement applies to information returns filed with the IRS through IRIS, FIRE, or AIR systems, as well as W-2 forms sent to the Social Security Administration (SSA) via BSO. For instance, if a business submits 3 1099-NEC forms through IRIS, 3 1042-S forms via FIRE, 3 1095-C statements using AIR, and 1 W2 with SSA BSO, the total reaches 10. It's important to note that corrected forms are not counted towards the 10-form threshold.
- 1099 filers who haven't used their FIRE TCC in three years or will be first-time e-filers next year through either the IRS FIRE system or new IRIS platform need to complete an online TCC application by Nov. 1 2024 and then allow the IRS 45 days to process their application. TCCs are used as e-filing credentials with IRS systems. This is how you can obtain an IRS FIRE TCC code.
- Form 15397 allows you to request a 30-day extension for providing statement copies to recipients. This one-time extension applies to furnishing recipient statements, offering a brief grace period.
- The 1099 FIRE test system will only allow 125 test files per year.
- The SSA changed its procedure for accessing its Business Services Online platform by requiring users to authenticate their identity through an account with Login.gov or ID.me.
- By January 31,2025: Give employees their copies of Form W-2 for 2024; give contractors their copies of 2024 Form 1099-NEC; give Forms 1099 to recipients of other payments you made in 2024. File Forms W-2 with the Social Security Administration. File Forms 1099-NEC with the IRS (on paper or e-File using FIRE / IRIS). File Form 945 to report income tax withheld in 2024 from nonpayroll items, including backup withholding and withholding on pensions and annuities.
- All information returns filed on paper will be filed with only three Internal Revenue Service Centers: Austin, TX; Kansas City, MO; and Ogden, UT.
- The new combined federal state code for Rhode Island is 44.
- To aid employers’ efforts to protect employees from identity theft, new IRS regulations permit employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W2, Wage and Tax Statement, that are furnished to employees. Employer may not truncate any identifying number on the Social Security Administration copy A. some states aren’t accepting W-2 copies with truncated SSNs. Visit your state tax department’s website to find out what your state is doing.
- The SSA has released an updated version of Publications EFW2 and EFW2C for the 2024 tax year.
- IRS Issues 2024 Version of Publication 1220 for Electronic Forms (September, 2024).
- FIRE production system will be available early January 2025.
- The IRS address for filing information returns electronically is https://fire.irs.gov/. The address to send a test file electronically is https://fire.test.irs.gov/.