Tuesday, December 26, 2023

State News: Illinois Erroneously Rejecting BIT MeF Payments

Please be advised that we have received the below information from the Illinois Department of Revenue.

IL 1120, 1120S, 1065, and 1041 returns including a payment on or between 12/17/2023 – 12/31/2023 are erroneously being rejected by Illinois. If a payment needs to be made, either the payment should be mailed or another electronic means needs to be selected see Section 3 of the 2023 BIT MeF Implementation Guide (BTR-36). 

Thursday, December 21, 2023

Final Reminder: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Critical Reminder: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Client Accounting Suite/Premier (CAS/P) version 23.1 is available

The 23.1 version of CAS is now available from the Solution Center or via the auto-update feature in CAS. It includes the following regulatory updates.

Regulatory Updates

The following regulatory information is now available for Client Accounting Suite and Client Accounting Suite Premier:

  • 2023 Federal Forms update
    • 940, 943, and 944
    • W-2, W-3, 1096, 1098, and 1099s
      • Reminder that W-2, W-3; 1099-MISC paper only; 1099-NEC, both paper and electronic must be filed by January 31, 2024.
    •  W-2 and 1099 federal and state electronic filing formats
    • ACA forms 1094-B, 1094-C, 1095-B and 1095-C
    •  Review the Year End Guide (available on the Help menu) for all end-of-year questions and procedures.
Important: All 1099/1096 forms submitted to the IRS must be printed on the red ink approved forms. Failure to comply with this may result in fines or rejections. To order the 1099/1096 red ink forms for Client Accounting Suite, call Nelco at 1-800-266-4669.
  • 2024 Federal Withholding Rates
    • The 2024 Federal withholding changes are included in this update. (Based on IRS Draft of Publication 15-T and will be updated in January 2024 if IRS makes additional changes.)
    • For 2024, the employee and employer tax rate for Social Security continues at 6.2%. The Social Security wage base increases to $168,600.
    • The Medicare Tax rate remains at 1.45% for 2024. There is no wage base limit for Medicare tax.
    • The Additional Medicare tax of .9% continues for 2024 on earnings over $200,000 for all taxpayers.
  • 2024 State Withholding Rates - The following state withholding calculations have been updated for 2024:
    • Arkansas
    • California
    • Connecticut
    • Iowa
    • Kentucky
    • Maine
    • Minnesota
    • Missouri
    • Montana
    • Nebraska
    • Oklahoma
    • Rhode Island
    • South Carolina
      • Note:  As other states change their rates for 204, we will provide updates on the support website.
  • Reminder: Be sure to update the state wage limit in the State Setup before processing payrolls for 2024.
  • Review the Year End Guide for all Regulatory questions and procedures. The Year End Guide is available on-line in PDF format from the Help Menu.

Software Updates

  • Note: The ATX and TaxWise 2023 Tax Exports and Imports for 2024 QuickBooks and Sage (Peachtree) will be available in the January 2024 update.

Scheduled Updates
  • January 2024 - Client Accounting Suite 23.2 - State Withholding and form update

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Wednesday, December 20, 2023

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Tuesday, December 19, 2023

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Monday, December 18, 2023

Reminder: Refunds Today - December 2023 Holiday Hours

Refunds Today Sales and Support will be open normal business hours during the month of December: 

  •  Mondays - Fridays, 8am - 6pm ET

In observance of the 2023 holidays, the Refunds Today offices will be closed:

  • Monday, December 25th


SUPPORT
If you have any questions, please contact customer support via any of these options:
  1. Chat with a live agent SFS TaxWise Chat (cch.com)
  2. Open a Support case at https://support.cch.com/
    • Select the option that best describes your issue and complete all applicable information. Our support team will research your issue or question and contact you with an answer


SALES
If you have not purchased or renewed Refunds Today for Tax Year 2023, please keep those holiday closure dates above in mind. You can contact your Account Manager at 800-495-4626 to get setup for the 2023 season.


Wolters Kluwer wishes you a happy and
 safe holiday season!  And a very successful Tax Season. 


Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Sunday, December 17, 2023

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Saturday, December 16, 2023

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Friday, December 15, 2023

Reminder: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Wednesday, December 13, 2023

Reminder: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Monday, December 11, 2023

Reminder: EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Friday, December 8, 2023

EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

Tuesday, December 5, 2023

EFC and IRS E-filing Shutdown for TY 2020-2022 - Business Returns

Please take note of this important information about electronic filing.

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all business tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Tuesday, December 26, 2023, at 11:59 a.m. Eastern time.

Electronic Filing Center (EFC) Maintenance/Shutdown

To prepare for the upcoming season and to ensure that all business returns for tax year 2022 are processed timely, Wolters Kluwer will shut down the Electronic Filing Center (EFC) on Thursday, December 21, 2023, at 10:00 PM EST (in advance of the IRS Business E-filing Shutdown) for the following returns:
  • Partnership (1065)
  • Corporation (1120)
  • S Corporation (1120S)
  • Fiduciary (1041)
  • Employee Benefit Plans (5500)
  • Exempt Organization (990 Series)
  • 94X Series
  • All other return types not listed including state, local, and school district returns
This maintenance will end no later than the date that the IRS opens for tax year 2023, which is yet to be announced. During this maintenance period, you will NOT be able to:
  • Transmit returns
  • Receive acknowledgements (acks)
Final Day for Electronic Filing of 2020 Returns

Thursday, December 21, 2023, is the final day that tax year 2020 returns can be electronically filed. Any acknowledgements must be retrieved by the user no later than December 26, 2023 at 11:59 PM EST for TY20 e-files. EFC for TY20 will not be available after December 26,2023 at 11:59 PM EST to pick up these acks.

State News: North Carolina TY 22 BIT Acknowledgements are Delayed

Please review the important information below that we have received from the North Carolina Department of Revenue (NCDOR).

NCDOR is currently experiencing technical difficulties with the BIT gateway. Therefore, acknowledging TY22 BIT submissions is currently delayed.

We will update this post once the NCDOR resolves the issue.

Monday, November 27, 2023

IRS announces delay in Form 1099-K reporting threshold for third-party platform payments in 2023

IRS announces delay in Form 1099-K reporting threshold for third-party platform payments in 2023; plans for a threshold of $5,000 for 2024 to phase in implementation

 IR-2023-221, Nov. 21, 2023

 WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023.

 As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. This will reduce the potential confusion caused by the distribution of an estimated 44 million Forms 1099-K sent to many taxpayers who wouldn’t expect one and may not have a tax obligation. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.

 Given the complexity of the new provision, the large number of individual taxpayers affected and the need for stakeholders to have certainty with enough lead time, the IRS is planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan (ARP).

 Following feedback from the tax community, the IRS is also looking to make updates to the Form 1040 and related schedules for 2024 that would make the reporting process easier for taxpayers. Changes to the Form 1040 series – the core tax form for more than 150 million taxpayers – are complex and take time; delaying changes to tax year 2024 allows for additional feedback.

Read the full announcement here: IR-2023-221.

Tax Pros may be Contacted to Participate in an IRS Survey

Tax pros may be contacted to participate in an IRS survey

Between Nov 27, 2023, and Jan 19, 2024, tax pros may be randomly selected to participate in a voluntary phone survey. This is not a scam. Please don’t hang up. Responses will help the IRS improve services to the tax pro community and the taxpayers they serve.

The survey will be conducted by ICF, an independent research firm hired by the IRS. It will take about 20 minutes to complete, and covers topics including e-filing, due diligence requirements, data security, and electronic document submission. All responses are anonymous and confidential. Tax pros will not be asked to provide any personal info about themselves or their clients

If tax pros are contacted, it will be Monday through Friday between 8:30AM - 6:30PM local time and they’ll see a Kansas City (816) area code on their caller ID.

For more information or questions about the survey tax pros can email TaxProfessional@icfsurvey.com or call (888) 504-6387.

Saturday, November 18, 2023

Final Reminder: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

URGENT ANNOUNCEMENT

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

URGENT ANNOUNCEMENT

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

URGENT ANNOUNCEMENT

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Friday, November 17, 2023

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

URGENT ANNOUNCEMENT

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

URGENT ANNOUNCEMENT

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Thursday, November 16, 2023

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

URGENT ANNOUNCEMENT

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Wednesday, November 15, 2023

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Tuesday, November 14, 2023

Urgent: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Monday, November 13, 2023

Reminder: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.

Sunday, November 12, 2023

Reminder: EFC and IRS E-filing Shutdown for TY 2020-2022 - Individual Returns

IRS has announced its MeF (e-file) shutdown and cutover for Tax Year 2022. To ensure that all Form 1040 tax returns e-filed through the MeF system are processed in a timely manner, submissions must occur before IRS shuts down the system on Saturday, November 18, 2023, at 11:59 p.m. Eastern time.

In order to allow the states ample time for processing these returns, the Wolters Kluwer E-File Center (EFC) will stop accepting individual returns (both federal and state) for the current processing year on Saturday, November 18th at 10:00 pm Eastern Time.

1040 E-file submissions for Tax Years 2020, 2021 and 2022 are included in this change. Because not all state agencies process returns in “real-time”, this schedule should allow sufficient time for agencies to post their acknowledgements for the WK EFC to pick up. 

After the shutdown occurs, the WK EFC will not accept individual returns (federal and/or state) until IRS comes back online in early January 2024. However, preparers can continue picking up acknowledgements through mid-December.

Important to Note:

  • Tax Year 2020 returns will no longer be eligible for e-filing by the WK EFC after Saturday, November 18th at 10:00 pm Eastern Time. Any acknowledgements must be retrieved by the user no later than mid-December for TY20 e-files. EFC for TY20 will not be available after mid-December 2023 to pick up these acks.
  • Business Returns: Business returns are not affected by this schedule as IRS has not yet announced the business cutover schedule and will do so at a later time.
  • Disaster Relief Extension to File: This shutdown will also affect taxpayers who received a disaster relief extension to file. If the disaster extended due date falls within this shutdown time frame, you must do one of the following:
    • Submit the returns electronically before the shutdown begins.
    • Hold the return and transmit it when the IRS reopens in January.
    • File them on paper after the shutdown.  If filed on paper, applicable opt-out documentation may be necessary. Please consult the taxing authority guidelines on how to opt-out of electronic filing.