July 5, 2018

IRS Proposes Changes for Electronic Filing of Forms (article)

The Internal Revenue Service (IRS) is proposing a change in the required electronic filing of certain reporting and disclosure forms.  Specifically, these regulations, if finalized, would require an employer to aggregate all of its forms including the Form W-2, the Form 1099 series, and the Forms 1094 and 1095-B and C series, to determine whether it meets the 250-form threshold.  An employer is obligated to file forms electronically with the IRS if it files 250 or more forms.  Currently, an employer is not required to collectively file different types of forms; these proposed rules would require aggregation.  Further, if an employer is required to file electronically, then any corrected forms must likewise be filed electronically. 

The IRS is proposing these rules because it believes it is simpler and more cost effective to file electronically.  It does provide a way to seek a waiver from the electronic filing requirements if the filer believes it would be too burdensome. 

Comments on these regulations are due by July 30, 2018.  If these regulations are finalized, they are expected to take effect for filings due on or after January 1, 2019.  Small employers who have been exempt from the 250-threshold electronic filing requirements will want to keep an eye on this matter.

The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein. 

Accelerated Recovery Resources

Access articles and tools to help your business generate cash, improve leverage, and align & transform as you recover from the pandemic.

COVID-19 Resources

Access all COVID-19 related articles to help your business respond to the pandemic.

Insights in Your Inbox