[Mveca_usas] Important Tax Information for CYE - Action Required ASAP

[Ashley May]

Good Morning and Happy Thursday All,

I have a few VERY IMPORANT updates to share with you all that needs action/reviewed before the end of the month. The IRS has made changes to electronic filing requirements this year and the FIRE system will be down for updates before our CYE meetings (Save the CYE Date- 12/7/2023)! Please ensure you log into the FIRE System https://fire.test.irs.gov to ensure you are able to log in prior to CYE.

If you applied your TCC code prior to 9/26/2021 and you did not complete the new IR application you will need to re-apply for a TCC code (if you applied for your TCC code after 9/26/2021 you do not need a new code).

Note: If you are a new district, have new Treasurer staff, or have a legacy TCC code (Those who applied a TCC code prior to 9/26/2021) you need to complete the TCC application process so you can file 1099's for 2023. Again this must be done within the next few weeks as the system will be down for maintenance. You will need to submit a test file prior to your first submission and you can use the test IRS Fire site to submit the test file and/or ensure your TCC is still valid: https://fire.test.irs.gov/

Attached is a presentation from last year to step through the TCC code application for those districts that need to obtain a TCC code.

Updates from the IRS: Please read all and if you need to inquire on your TCC code status please reach out directly to the IRS at 866-455-7438 Monday-Friday 8:30-5:30 EST
Reduction in the electronic filing threshold beginning Tax Year 2023 (Calendar Year 2024) <https://www.irs.gov/e-file-providers/filing-information-returns-electronically-fire#collapseCollapsible1695924746034>

Final regulations for the Taxpayer First Act, provision 2301, were issued February 21, 2023, by the Department of the Treasury and the Internal Revenue Service. Treasury Decision (TD) 9972 amends the rules for filing returns and other documents electronically (e-file). These regulations reduce the 250-return threshold to generally require electronic filing by filers of 10 or more returns in a calendar year beginning in 2024, tax year 2023. For tax year 2022, the number of returns remains at 250. Details on this regulation can be found here: IRS and Treasury final regulations on e-file<https://www.irs.gov/newsroom/irs-and-treasury-issue-final-regulations-on-e-file-for-businesses>.

* If 10 or more, you MUST file electronically
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Thank you,
Ashley May
Fiscal Software Support
Miami Valley Educational Computer Association
937-767-1468  x3121
[http://www.mveca.org/images/logo.gif]<http://www.mveca.org/>  [i] <https://www.linkedin.com/company-beta/3947840/>
Not-for-profit Technology Services for Education and Local Governments

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