A reminder for business owners: For now, no change to a key e-file mandate. Businesses that file at least 250 of information returns (such as Forms 1099) in a calendar year are required to e-file those returns. However, the Taxpayer First Act was amended in July 2019 to allow the IRS to lower the threshold for tax year 2020 returns (to be filed in 2021) and later returns. As of yet, the 250-return threshold remains unchanged, but business owners should be aware that regs may still be issued that will be effective for the 2020 tax year. As changes occur they’ll be posted and explained on this IRS page: https://bit.ly/3kWuErZ under “Recent Developments.” Call or visit our website for more information! www.mjscpa.com/
