24.04 release notes

Document history

Document version: 1
Version date: October 17, 2024
Summary: Initial publication

Release highlights

IRIS implementation
Print / Filing menu reordering
The Form 1099-K Federal threshold lowered to $600

New features

You don't need to modify clients’ source files.
There's no need to apply for a new IRIS Transmitter Control Code (TCC). Filing will use Thomson Reuters' TCC.
There's no change to the filing submission process. For Service clients, all submissions will be managed by your Client Engagements Specialist. For License clients, there will be a new IRIS screen where you'll create a file in ONESOURCE Tax Information Reporting and submit it to the IRS.

All
Publication 1220
forms for Tax Year 2024, excluding Form 1042-S, will be submitted through IRIS.
Form 1042-S, submissions will continue through FIRE because it's not yet compatible with IRIS.
You'll need to submit corrections to the original filing system.
Tax Year 2024 corrections for IRIS-submitted originals will use IRIS.
Tax Year 2023 and prior corrections will use the
Publication 1220
format through FIRE.
Late original filings for Tax Year 2023 and prior will use the
Publication 1220
format through FIRE.
No changes to Affordable Care Act (ACA) Submissions (filing to Affordable Care Act Information Returns — AIR).

Generate IRIS output
Submit filings for payers and form types supported by IRIS.
Filings will be batched by payer and form type, as needed by the IRIS.
The output is XML and there's a schema for each form type.
A submission may have multiple output packages (files) because IRIS submissions can't exceed 100 MB.
During generation, the data is validated by an XSD file to ensure that the schema will be accepted by IRS.
Review and release Files to the IRS via IRIS
The
Status
screen will list all packages (files) generated for a given batch. Each file will have an estimate of 20,000 to 25,000 forms in a file to meet the 100 MB limit set by the IRS. The number of forms in a package may vary by type.
There will be a total record count for each filing job and individual counts for each package.
If a package has records that fail the XSD validation, an output file will list all issues.
Once a filing job has no errors, the
Submit to IRIS
checkbox will become active.
Review the status of submissions and error files (available in a later release)
The
Status
screen will show all packages submitted to the IRS. Each submission will have a unique
IRS ReceiptID
, which serves as proof of your submission.
The status of each package is shown.
If the status is
Accepted with Errors
or
Rejected
, you'll get an output file with error details.

Generate IRIS Filing Output
Review And Submit To IRIS
IRIS Filing Submission Status

Original Filings
— Use this option for first-time submissions. You'll choose to file either:
Reportable Forms
(default option): All forms that meet federal threshold requirements or are marked as
Always File
.
All Forms
: This pulls all the forms including those above and below the federal threshold.
Replacement Filings
— Replacement of the submissions rejected by the IRS.
Correction Filings
— Corrections submitted after the original filings are accepted by the IRS.

Send Via SFTP
— Use this to submit the files to your Outbound folder through SFTP. If you choose to keep a copy of what will be submitted to IRIS, you can send XML packages to your organization.
Submit To IRIS
— Use this to submit the files to IRS. If the filing job has no errors in any packages, the Submit to IRIS checkbox will be enabled. Once the file is released to the IRS, it will be transmitted to the IRS at the next scheduled time. Files will be transmitted throughout each day.

The grid will have 10 rows with the same batch ID. Each row will have a different package ID.
The grid will have 2 columns for Record Count:
Total Records
— This shows the grand total of records generated in a batch (the sum of records in all 10 rows).
Package Record Count
— This shows the total records of the package.
Each row for a package will have a link to the XML output.
If any of the packages have XSD validation errors, then the batch
Complete with errors
status will be set for all 10 packages in the filing batch.
The
Submit to IRIS
checkbox will only be enabled if all packages pass the XSD validation.

Output File 1
– This contains the IRIS XML file with data that will be transmitted to the IRS.
Output File 2
– This contains the XSD validation error file if there are errors. If there are no errors, ‘
Output File 2
column will be blank.

Processing
— The package is being processed by the IRS.
Accepted
— The package has been accepted by the IRS and there are no identified errors.
Rejected
— The IRS has rejected the transmission. A list of errors is provided as part of the Acknowledgment Response. You can use this to correct any errors prior to submitting a replacement package.
Accepted With Errors
— The IRS has successfully processed and accepted the transmission with some errors. A list of errors will be provided as part of the Acknowledgement Response. Packages with
Name / TIN
mismatches will have this status.

Form 1099-B
1D — Proceeds
Prior Year Open Contract Profit/Loss Amount
Current Year Open Contract Profile/Loss Amount
Contract Aggregate Profile/Loss Amount
Form 1099-OID
Treasury Obligation OID Amount
Form 1099-Q
Earnings Amount

Forms Print
: Original and Correction Print.
Forms Reprint
: Reprints and prints without distribution
Print Draft to Final
: Submit draft print jobs as final
Print Rollback
: Rollback print jobs
Federal Filings — IRIS
: Submit Federal filing through the IRS (Publication 1220 Forms)
Federal Filings — FIRE/W-2
: Create Federal filings for 1042-S and W-2 forms
Replacement Filings — FIRE
: Create Replacement filings for 1042-S
Foreign Filings
: Create Filings for Canadian forms
Filing Extensions
: Create filing extensions for submission to FIRE
State Annual Filings
: Create Annual state filings including Puerto Rico
State ACA Filing
: Create annual state ACA filings
State Periodic Filings
: Quarterly and ICR filings
Local Filings
: Creates local filings
Tax Return Filings
: Submit 1042 returns to the IRS through MeF
Filing Rollback
: Rollback filling jobs
Scheduled Jobs
: Create/View print and filing scheduled jobs

Fields include dropdown lists.
Validation is based on the country code listed by the IRS.
Existing 2024 forms with country data will be updated during the 24.04 release if possible.

Form 1099-LTC: B record position 679 to 687 now populates the insured's ZIP Code when provided.
Form 5498: B record position 564 to 566 now populates new repayment codes when provided.

Fixes

Tax Liability — July Total
Tax Liability for Period Ending August 7
Tax Liability for Period Ending August 15