More businesses would have to file certain tax forms electronically under IRS proposed regulations released Wednesday.
The regulations (REG-102951-16; RIN: 1545-BN36) implement a provision of the Taxpayer First Act (Pub. L. 116-25) that reduces the number of information returns—including Forms W-2, Wage and Tax Statement, and the Form 1099 series—employers are allowed to file by paper.
Currently, employers required to file 250 or more information returns have to submit them electronically. The Taxpayer First Act authorized the IRS to lower that threshold, eventually down to 10 returns.
The IRS proposed reducing the threshold to ...