Each year the IRS updates Publication 1220 as an instructional document for rules and regulations regarding forms: 1097, 1098, 1099, 3921, 3922, 5498, and W-2G. In addition the document gives guidance to state reporting requirements involving the Combined Federal/State Filing Program (CF/SF).
For tax year 2014 here are some of the adjustments that tax filers need to be made aware of…
- FIRE Production System is available from January 20, 2015 to Dec 11, 2015.
- FIRE Test System is available from November 3, 2014, through February 20, 2015. Additionally, the FIRE Test System will be down from 6 p.m. (Eastern) December 12, 2014, through January 4, 2015, for yearly updates.
- Approval letters will not be issued for original 30-day extension requests to file an information return.
- Form 1098, Mortgage Interest Statement- Payer “A” Record – Mortgage Insurance Premium is no longer reported on Payer “A” Record. Deleted Amount Code 4, Mortgage Insurance Premium, in field positions 28 – 43.
- Form 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes- Payee “B” Record – Added Data Element, Odometer Mileage, in field positions 663-722, Special Data Entries.
- Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments – Form is obsolete. The Health Care tax credit expired December 31, 2013.
- Form 1099 INT, Interest Income – Payer “A” Record – Two new amount codes: Amount Code A, Market discount – field positions 163-174. Amount Code B, Bond Premium – field positions 175-186.
- Form 1099-K, Payment Card and Third Party Network Transactions: Payer “A” Record – Added Amount Code 2, Card Not Present Transactions, in field positions 67-78. Payee “B” Record – Add positions 544 named, “Second TIN Notice” (Optional). Payee “B” Record – 545-546 will be blank.
For the complete PDF of Publication 1220 (Rev 9-2014) visit http://www.irs.gov/pub/irs-pdf/p1220.pdf
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