Recent IRS change related to filing Year End documents, including 1099s, W2s and 1095-Cs

As we approach 2023 calendar year end, the RSM team would like to make sure you are aware of a recent IRS change related to filing Year End documents, including 1099s, W2s and 1095-Cs.  These regulation changes are effective beginning in 2024, for the tax year 2023.   

Details from this website are below – IRS and Treasury issue final regulations on e-file for businesses | Internal Revenue Service

• reduce the 250-return threshold enacted in prior regulations to generally require electronic filing by filers of 10 or more returns in a calendar year. The final regulations also create several new regulations to require e-filing of certain returns and other documents not previously required to be e-filed;
• require filers to aggregate almost all information return types covered by the regulation to determine whether a filer meets the 10-return threshold and is required to e-file their information returns. Earlier regulations applied the 250-return threshold separately to each type of information return covered by the regulations

What does this mean?

1. Because most of our clients likely will meet the 10-return threshold now that the count is being combined across several different form types, most clients will need to determine how they will accomplish their electronic filing requirements.

What capabilities does Dynamics GP have?

1. W2s – Dynamics GP does support the creation of the electronic file for submission to the Social Security Administration
2. 1095-Cs – Dynamics GP does not have the capability to create an electronic filing for 1095-Cs
3. 1099s – Dynamics GP does not have the capability to create an electronic filing for Vendor 1099s

How can RSM help?

If you would like assistance from RSM on options, please contact —

1. Your RSM Account Manager
2. Your primary Dynamics GP Consultant
3. Not sure who to contact?  Email the RSM Service Desk to open a service ticket by emailing gpsupport@rsmus.com

Sign up to attend our Dynamics GP Year-End webcast series Dec. 12, 13, 14 https://rsmus.com/events/2023-events/dynamics-year-end.html 

Joan Varga