Don’t forget the Filing Information Returns Electronically (FIRE) updates coming in September 2021, where we will see:
A new online Information Returns (IR) Application for Transmitter Control Code (TCC), which replaces both the current Form 4419 and Fill-in Form 4419 on the FIRE System. Check out the new application here - Filing Information Returns Electronically (FIRE).
New users will have to authenticate their identities and create a new account through IRS Secure Access Account in order to access the new online IR Application for TCC. The site will present new users with Terms of Service and prompt them to create a 5-digit PIN. Review more information about Secure Access here - Secure Access: How to Register for Certain Online Self-Help Tools. New users with existing Secure Access credentials are ready to create their new IR Application for TCC.
Any filer, including corporations, partnerships, employers, estates and trusts, who files 250 or more Forms 1097, 1042-S, 1098, 1099, 3921, 3922, 5498, 8027,8955-SSA or W-2G for any calendar year must file their information returns electronically.
In late 2022, if approved, existing FIRE users will be required to transition to a stronger identity proofing authentication process.
Check out our next post about the proposed regulations to reduce the current 250-return threshold in 2022!