Corrections for 1099 MISC and 1099 NEC forms are not supported

Corrections for 1099 MISC and 1099 NEC forms are not supported

The Internal Revenue Service (IRS) reduced the electronic filing threshold to generally require electronic filing by filers of 10 or more returns (in aggregate) in a calendar year. Additionally, corrected information returns are now required to be filed in the same manner in which they were originally required to be filed.

Fusion Servicing Director currently supports the generation of FIRE export files to facilitate electronic filing submissions for all supported forms and corrected electronic filing submissions for most supported forms, including 1098, 1099 INT, 1099 A, and 1099 C. Corrected FIRE files for Forms 1099-MISC and 1099-NEC are not currently supported and there are no plans to extend support for correction exports to these forms. Note that original submission data will be retained for your reference. 

Clients can continue to utilize FIRE for bulk electronic filing or they may wish to use the new IRS IRIS portal for single/small batch electronic filing. See IR-2023-31 and Publication 1220 on IRS.gov for additional information.

This Product Bulletin is posted to make you aware of the issue it describes so you can determine the steps or changes necessary to mitigate or avoid risk, ensure document compliance, or otherwise address the issue. This bulletin does not constitute legal advice. Any legal questions that your financial institution has should be directed to your compliance officer and legal counsel.

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000076350