- In 2021, the IRS converted from paper to an electronic storage system. As a result, those provided with a Transmitter Control Code (TCC) prior to Sep. 26, 2021, must re-apply using the online application process in order for the IRS to continue to have the information related to the specific TCC code which was provided. Failing to re-apply prior to Aug. 1, 2023, will result in loss of the TCC code. We have reported previously on this issue, and many have taken heed of the warning. If not, here is a link to the Dec. 2022 Fund Concept article which explains the problem and the process. Note: you must now have an ID.me account before you can start any application.
- Paper form filers will most likely need to file their 2023 transactions reportable in 2024 electronically. The requirement to file electronically is now 10 or more transactions closed in 2023. (Last year it was 250 or more.) In order to file electronically, you will need to apply for a TCC code to use the IRS’ Filing Information Returns Electronically (FIRE) system. Expect a 45-day delay from the time you submit your application and receive your TCC code. Note: you must now have an ID.me account before you can start the application.
This is not an easy process and should not be put off much longer. If problems are encountered, the IRS phone lines for help are much more accessible this time of year.