By Pension and Benefits Editorial Staff
The IRS has released procedures setting forth the 2021 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 changed the title of the Form 1099-MISC from Miscellaneous Income to Miscellaneous Information and Form 1099-NEC has been resized by reducing the height of the form so it can accommodate three forms on a page.
An extension of time to furnish the above statements is now a fax-only submission, according to the IRS. On the issue of the electronic filing of returns, the IRS explains that the Taxpayer First Act of 2019, enacted July 1, 2019, authorized the Department of the Treasury and the IRS to issue regulations that reduce the 250-return requirement for 2021 tax returns. If the regulations are issued and effective for 2021 tax returns required to be filed in 2022, the IRS will post an article at IRS.gov explaining the change. However, until regulations are issued, the number remains at 250.
The IRS notes that the exhibits have been updated to include all of the 2021 revisions of the forms that have been revised, and editorial changes were made throughout the procedures, including updated references.
Source: IRS Rev. Proc. 2021-27.
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