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 2024 and how to prepare to implement them. The rules for mandatory electronic filing are changing 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 will be expanded in 2024. In addition, we’ll provide an update on Form 1042-S reporting requirements for payments to foreign vendors.