By Pension and Benefits Editorial Staff
The IRS has released procedures setting forth the 2020 requirements for reproducing paper substitutes and for furnishing substitute recipient statements for Forms 1096, 1098, 1099, 3921, 3922, 5498, and certain other information returns. Among the changes made to the procedures, the IRS has added new Form 1099-NEC, which is used to report nonemployee compensation starting with tax year 2020. Because of the creation of Form 1099-NEC, the IRS has revised Form 1099-MISC and rearranged box numbers for reporting certain income. Form 1098-Q and its instructions have been converted from annual updates to continuous use. The form and instructions will be updated as required. The IRS notes that the exhibits have been updated to include all of the 2020 revisions of the forms that have been revised, and editorial changes were made throughout the procedures, including updated references.
Source: IRS Rev. Proc. 2020-35.
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