What is the file format required for bulk TIN Matching submissions?
For bulk TIN Matching submissions, the required file format is typically a plain text file (.txt). In the IRS Bulk TIN Matching file format, fields are separated by semicolons (;). Each record in the file should follow this structure: TIN Type (1 for SSN, 2 for EIN). TIN (9-digit number). Name (up to 40 characters). […]
Are small businesses exempt from filing Form 8027?
Yes, small businesses are generally exempt from filing Form 8027, which is the Employer’s Annual Information Return of Tip Income and Allocated Tips. This form is required only for certain businesses in specific circumstances related to tipped employees. Below are the criteria and details: Who Must File Form 8027? Tipped Industries: Form 8027 applies to […]
Gradual rollout for new reporting rules on Form 1099-K
For 2024, the IRS has provided a transition relief period, raising the threshold for Form 1099-K reporting. Payment platforms such as PayPal, Venmo, and eBay will now issue a 1099-K form if a seller’s transactions total $5,000 or more in gross payments for the calendar year. This is a temporary increase from the $600 threshold […]
IRS FIRE system file status
The IRS FIRE (Filing Information Returns Electronically) system file status indicates whether files you have submitted are accepted, rejected, or pending. Here’s how you can check and interpret file status in the FIRE system: How to Check File Status Log in to the FIRE System: Visit IRS FIRE System. Log in using your Transmitter Control […]
What is IRS Form 15397?
IRS Form 15397 is a recently introduced form used to request an extension of time to furnish recipient copies of certain information returns, such as Forms W-2 and 1099-NEC. It complements Form 8809, which is used to request an extension for filing the forms themselves. Key points about Form 15397: It applies specifically to extensions […]
