The IRS has released Proposed Rule REG-102951 containing the proposed regulations amending the rules for determining when information returns will be required to be filed electronically.
These proposed regulations would require that all information returns, regardless of type, be taken into account to determine whether a filer meets the 250-return threshold and, therefore, must file the information returns electronically. Additionally, any filer required to file information returns electronically will be required to file their corrected information returns electronically as well regardless of the number of corrected information returns being filed.
The proposed regulations will impact all information returns required to be filed after December 31, 2018.
To view the proposed rule, you can click the link here.
About the Author
Tom Hospod is a member of the Tax Research Team for the Direct Tax division at Sovos Compliance, where his main areas of focus are Tax Withholding and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. He also has experience in securities law—focusing on broker-dealer disputes and representing clients in FINRA arbitration. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.More Content by Tom Hospod