The ABCs of 1099 Information Reporting

The ABCs of 1099 Information Reporting

It's time to brush up on the ABCs, Rs, Qs, and INTs of 1099 information reporting. The Internal Revenue Service (IRS) recently released its 2005 general instructions for Forms 1099, 1098, 5498, and W-2G, and Publication 1220: Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronica...

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Veröffentlicht in:Credit Union Magazine 2005-11, Vol.71 (11), p.60
1. Verfasser: Zuehlke, Dennis
Format: Artikel
Sprache:eng
Schlagworte:
Codes
Compensation plans
Compliance
Credit unions
Debt cancellation
Individual retirement accounts
IRA
Reporting requirements
Tax preparation
Tax regulations
Tax returns
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description It's time to brush up on the ABCs, Rs, Qs, and INTs of 1099 information reporting. The Internal Revenue Service (IRS) recently released its 2005 general instructions for Forms 1099, 1098, 5498, and W-2G, and Publication 1220: Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically. This guidance provides payers (including credit unions) with the information required to file with their members and the IRS. In addition to programming changes for filing electronically or via magnetic media, the IRS also announced that corrections involving only the payee name now entail a one-step correction. As with any regulatory requirement, compliance is essential. Take steps now to meet these new reporting requirements.
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subjects Codes
Compensation plans
Compliance
Credit unions
Debt cancellation
Individual retirement accounts
IRA
Reporting requirements
Tax preparation
Tax regulations
Tax returns
title The ABCs of 1099 Information Reporting
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