The IRS is reminding businesses required to file information returns of a significant rule change that went into effect on Jan. 1: The threshold for electronically filing most information returns dropped from 250 to 10. Before the new rule, only businesses filing 250 or more information returns were required to do so electronically. Notably, the 250-return threshold was applied separately to each type of information return. Now, businesses must e-file returns if the combined total of all the information return types filed is 10 or more. The IRS may impose penalties on companies that are required to e-file information returns but file them on paper instead. Contact us for more information. © 2024