New IRS Electronic File Mandate Set for 2024
NAHB is reminding all business owners to work with their tax professionals to ensure you are prepared for the new mandatory e-file requirements taking effect next year. Starting in 2024, taxpayers submitting 10 or more returns, which includes Form 1099, must file most tax return information electronically. For 2023, taxpayers are only required to file electronically if submitting more than 250 returns.
In February, the Internal Revenue Service (IRS) released final rules for electric filing of returns pursuant to The Taxpayer Fairness Act (TFA) of 2019. The TFA allowed the IRS to reduce to 10 the threshold number of returns where the IRS may mandate e-filing beginning in 2023, but the IRS delayed those changes until 2024 to allow taxpayers more time to prepare.
The final regulations require taxpayers to aggregate almost all information return types in determining whether they meet the 10-return threshold. Returns affected include partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, and registration statements, disclosure statements, notifications, actuarial reports and certain information and excise tax returns.
Taxpayers may use tax preparer services or software to file returns, or 1099 returns may be filed at no cost through the IRS’ newly released Information Returns Intake System (IRIS). The IRS has provided an instruction video on use of the IRIS system as well as a general user guide.
Failure to file electronically can result in a penalty of $250 for every paper return filed above the 10-return threshold.
Latest from NAHBNow
Economics
Oct 08, 2026
Remodeling Market Sentiment Remains Stable in Third Quarter Despite Headwinds
The National Association of Home Builders (NAHB) released the NAHB Remodeling Market Index (RMI) for the third quarter, posting a reading of 62—up one point compared to the previous quarter.
Trends
Oct 07, 2026
Share of Homes With Two-Story Foyers Increases For First Time Since 2022
For the first time since 2022, the share of new homes with two-story foyers increased, according to the Census Bureau's Survey of Construction (SOC). Despite the increase, the market share of two-story foyers has generally trended downward since 2017, with most new single-family homes being built without a two-story foyer both nationally and regionally.
Latest Economic News
Economics
Oct 08, 2026
Remodeling Market Sentiment Remains Stable in Third Quarter Despite Headwinds
In the third quarter of 2026, the NAHB Remodeling Market Index (RMI) posted a reading of 62, up one point compared to the previous quarter. The RMI has remained within a narrow band between 59 and 70 for the past four years.
Economics
Oct 07, 2026
ARM Share Increased as Mortgage Rates Spiked
Mortgage application activity declined as the 30-year fixed mortgage rate rose sharply. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, decreased 7.7% month-over-month in September on a seasonally adjusted basis. Compared to a year ago, total mortgage applications were lower by 35.4%.
Economics
Oct 06, 2026
Mortgage Rates Rise as Treasury Yields Top 5%
Mortgage rates rose sharply in September as multiple factors applied significant upward pressure on the U.S. treasury yields. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.86% in September, up nearly 20 basis points (bps) from August.