In a long-awaited move, the IRS finally launched a website on Wednesday, 25th January 2023, where companies may submit their 1099 information reports for no cost.

The Internal Revenue Service has emphasized that its free electronic filing service is safe and reliable and doesn’t require specialized software.

Online filers may make new forms, upload existing ones, make changes, review data, and get verified copies of 1099 forms. E-filing of the 1099 forms is available to businesses of any size and may be done manually by entering data or automatically by uploading a file using a downloaded template.

IRIS will only accept Forms 1099 for the 2022 tax year and beyond. The advantages of electronic filing of Form 1099, as stated by the Internal Revenue Service, include:

• E-file security norms safeguard information.
• The portal is a reliable means of filing since it flags incomplete or incorrect submissions immediately upon submission.
• Information returns submitted using the platform might have their due dates automatically extended and errors corrected.
• Within 48 hours of submission, the IRS issues a receipt confirmation.
• When filing 1099s, it’s helpful to have access to information about the issuer from previous years and the current year.
• There will be no need to go to the post office physically, and your business may save money on paper, postage, and storage by filing electronically.

When it comes to submitting multiple copies of Form 1099 and other information returns in bulk, the Filing Information Returns Electronically (FIRE) method will be around until at least the 2023 filing season.