The IRS recently published an updated version of Form 15397, Application for Extension of Time to Furnish Recipient Statements. This form replaces the previous process for requesting an extension of time to furnish recipient statements as outlined in the General Instructions for Certain Information Returns, and was recently introduced with little fanfare for tax year 2023. After its previous release earlier in 2024, a new version is now available through the IRS.
The latest version of the form displays a February 2024 revision date, and one significant update: Box 5 now applies to Forms W-2 and 1099-NEC only. Box 5 outlines five reasons for requesting an extension of time, mirroring a similar set of checkboxes on Form 8809. With the latest revision, filers must complete Box 5 only if they are requesting an extension to furnish either the W-2 or 1099-NEC. Completing Box 5 is not necessary for all other information return types covered by the form, which include forms like the 1042-S, ACA forms, other 1099 series forms, and the 5498 series of forms.
To review an updated copy of Form 15397, please click here to visit the IRS online.
