This important annual update for your tax information and withholding compliance will spotlight the changes in federal tax regulations, 1099 forms and IRS instructions for 2023 and how to prepare to implement them. New requirements for mandatory electronic filing are now in effect for Forms 1099, 1042-S, 1042 and a wide range of other tax information returns. In addition, electronic filing of Forms 1099 has changed with the IRS introduction of the new “IRIS” system and IRIS functions are being expanded for information returns due to the IRS in 2024. In addition, we’ll provide an update on Form 1042-S reporting requirements for payments to foreign vendors.