In January 2023, the IRS launched its Information Returns Intake System (IRIS), as required by 2019’s Taxpayer First Act. The web portal enables taxpayers to electronically file Forms 1099, a series of information forms used to report to the IRS everything from acquisitions of secured property to investments in life insurance contracts. Forms accepted by IRIS include the frequently filed 1099-NEC, which is used to report nonemployee compensation to independent contractors. Before filing forms using IRIS, transmitters, software developers and issuers must pass certain tests. For more information, see: https://bit.ly/3OhJonk
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